Illicit Financial Flows (IFFs) transcend national boundaries, especially when perpetrated by multinational firms. Curbing IFFs is imperative because of its adverse effects on socioeconomic development of nations. IFFs reduce local resources, adversely affect foreign exchange, worsen inequality, insecurity, poverty and constrain trade and macro-economic stability. It also undermines accountability and transparency thereby leading to distrust in corporate institutions. In the form of excessive tax avoidance/aggressiveness and tax evasion, IFFs have assumed an alarming rate in African countries. Annually, Africa losses over $50 billion to fraudulent tax avoidance schemes ocassioned by government and multi-national companies. As a matter of fact, trade-related IFFs in developing economies is equivalent to a mean of about 20% of their transactions with developed economies (Global Financial Integrity Report 2023).