Nigeria Needs Strong Institutions To Fight Corruption – ICPC Boss

The Independent Corrupt Practices and Other Related Offences Commission, has said that the solution to corruption, economic and security problems bedeviling Nigeria lies in building strong institutions and systems.

The Chairman of the ICPC, Bolaji Owasanoye, disclosed this on Monday while delivering a lecture to participants of Executive Intelligence Management Course 14 of the National Institute for Security Studies in Bwari, Federal Capital Territory (FCT).

In his paper titled “Governance, Corruption, Rule of Law and Security in Africa”, Owasanoye stated that Nigeria currently needs strong institutions and systems with active collaboration from state and non-state actors to fight corruption and Illicit Financial Flows.

He said, “Corruption and weak governance are mutually reinforced. Corruption and weak governance impact development, peace and security in multiple ways.

“Diversion of public budget in the expenditure side of revenue, direct looting of treasury, illicit financial flows, tax evasion, misapplication of funds, deliberate elephant projects, and contract and procurement abuse have huge implication for development.

“Without development, there can be no peace or security and without peace and security, development is a mirage. Massive investment in infrastructure is the route to development,” he said.

In a related development, Owasanoye called on Sub-Saharan African Countries to reverse illicit financial flows and prioritize asset recoveries towards minimising the menace of corruption in the region.

According to him, proceeds from recovered assets should be channelled to tackle the problem of poverty in the sub-region.

The ICPC boss said Africa could not eradicate poverty or meet Sustainable Development Goal without prioritising asset recovery and domestic resource mobilization.

“The sure way to diminish corruption is to improve domestic resource mobilisation in the region and also to reverse illicit financial flows.

“It would be a dream to assume that we would achieve it without meeting the basic results that have been set for basic mobilization,” he said.

He further stated that the world has lost huge revenues to corruption and illicit financial flows, adding that the country had recovered up to $700m of assets in the last six years.

Owasanoye called on heads of member states to adopt a policy on the use of asset recovery and management for development goals.