Poor cooperation between the financial sector regulators, the law enforcement agencies and the Nigeria Financial Intelligence Unit (NFIU) is a key challenge stalling the fight against corruption in Nigeria, Joseph Gana, head of Business Continuity Management Office at the Central Bank of Nigeria (CBN), has said.
Gana pointed out the challenge of poor feedback from law enforcement agencies and NFIU on corruption cases as well as the role of financial institutions in cases that have been investigated as a major gap in tackling corruption.
Gana, who said this during a virtual dialogue organised by the Presidential Advisory Committe against Corruption (PACAC) with the theme ‘Nigeria’s Financial Management Systems and the Fight Against Corruption’, also said the absence of a national database is a challenge.
Bismarck Rewane, MD, Financial Derivatives Company, while presenting a paper on ‘Financial institutions and professionals in the fight against corruption’, said that corruption has increased and is steadily increasing.
He recalled that Nigeria recorded a CPI of 26 and ranked 146th out of 180 countries in 2019. He attributed the steady increase in corruption to widespread economic regulation and weak institutions.
Rewane added that corruption levels will increase due to inadequate checks and balances on public sector performance
Rewene regretted that the masses often feel the brunt of corruption as it widens inequality gaps and increases unemployment and poverty rate.
He opined that Nigeria should erode “political immunity” to effectively tackle corruption and ensure that corrupt elite are punished to serve as deterrent to others.
The Auditor General of the Federation, Anthony Ayine, decried that the lack of an Audit Law despite a decade of pursuing same, as well as an administrative and financial independence, is suppressing the effectiveness of the office in tackling corruption. He noted that the office does not have the independence of the ICPC or EFCC.
He added that Nigeria is yet to capacitate its Supreme Audit Institution (SAI). According to him, the SAI will be proactive in addressing risks and blocking loopholes to help address corruption at a systemic level.
