Stakeholders call for legal framework for repatriation of stolen funds

A key recommendation of the 21st Nigerian Economic Summit, which ended last Thursday, is for government to strengthen legal framework for the repatriation of stolen funds to help drive its anti-corruption agenda and grow a viable and strong economy.

The summiteers came to the conclusion that concerted efforts must be made by all concerned in ensuring that the country institutionalises disincentives for graft.

Analysts, who spoke outside the summit, said that if there was a legal framework of that nature, stolen monies recovered from looters both within and outside the country would be kept in a common account recognised by the repatriation law, adding that this would have prevented recent allegations against the Economic and Financial Crimes Commission (EFCC) over missing recovered funds.

Only recently, EFCC was accused of allowing its account where recovered funds amounting to N2.015 trillion was pinched by yet to be identified officials of the anti-graft agency.

Participants at the summit, which discussed possible tough choices available to government as it struggles to deliver Nigeria’s ailing economy, posited that nobody should be above the law and as such the nation’s anti-graft agencies must be strengthened and made to be accountable.

They also recommended in the final report of the summit presented to President Buhari for consideration and possible implementation that government must enhance inter-agency framework and also ensure citizens’ engagement in the entire process.

Recommendations were made against the backdrop of pervasive corruption due to weak level of accountability; weak institutions; poor infrastructure; inadequate legislation, regulations and policies; sub-optimal human capital; heightened insecurity; non-inclusive growth; absent of corporate social investment principle, among others.

They called on government to identify all the obsolete laws, noting that Nigeria was not under legislated but that what was now needed was to look and streamline the existing legislations and of course ensure enforcement.

There was an overwhelming consensus that the long delayed Petroleum Industry Bill should be passed as quickly as possible or simplified for easier enactment.

“Restructure the overall governance of the oil sector by splitting the operator and regulator reporting lines. Break up the Petroleum Industry Bill (PIB) into manageable issue-specific laws that amend existing laws or regulations that the Legislative arm of government are not opposed to.

“For example, amending tax laws to incentivise gas, clarifying gas terms for the Production Sharing Contracts. Pass the PIB as restructured and immediately address the lengthy contracting cycle to reduce the lead time (currently 24-36 months) by delegating more decisions to the private-sector operators and implementing a streamlined contract review and approval process that seamlessly integrates contracting requirements by various agencies,” the stakeholders submitted.

KEHINDE ABDULSALAM