A report credited to an online media platform recently revealed that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) successfully intercepted N5.882 billion earmarked for diversion by various ministries, departments, and agencies (MDAs). It further stated that the anti-corruption body recovered N10 billion allocated for COVID-19 vaccine production, returning the funds to the government treasury.
Additionally, the report highlighted that the commission recovered N10.986 billion in unpaid Value-Added Tax (VAT) and remitted it to the Federal Inland Revenue Service (FIRS).
The ICPC Chairman, Musa Aliyu, disclosed these achievements at a year-end event in Abuja a few days ago, marking his first year in office. He emphasised that the commission’s Systems Study and Review (SSR) and Ethics and Integrity Compliance Scorecard (EICS) across 323 MDAs were instrumental in blocking these diversions.
Beyond these successes, he also revealed that $966,900.83 in foreign currency was recovered and deposited into ICPC’s Central Bank of Nigeria account.
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In light of these significant instances of public financial fraud and misconduct, including embezzlement, Ponzi schemes, money laundering, bribery, and corruption, there is an urgent need for other anti-graft agencies such as the Economic and Financial Crimes Commission (EFCC), Code of Conduct Bureau (CCB), Code of Conduct Tribunal (CCT), Special Investigation Panel (SIP), Public Complaints Commission (PCC), Bureau of Public Procurement (BPP), Civil Service Reform (Servicom), Due Process Review and Public Procurement (DPRPP), Nigeria Extractive Industries Transparency Initiative (NEITI), and Nigerian Financial Intelligence Unit (NFIU) to intensify their efforts in addressing these challenges facing the nation.
These anti-graft agencies, based on their respective mandates, collectively serve as agents for curbing public financial misconduct and promoting ethical governance. They achieve this by investigating financial crimes within the system, prosecuting offenders, and sanctioning defaulters accordingly.
Periodically, these agencies conduct systematic studies to identify corruption risk factors, enabling them to design and develop anti-corruption strategies aimed at reducing the prevalence of corruption. Additionally, their activities promote transparency and accountability in governance processes, thereby enhancing public trust and confidence.
“These anti-graft agencies, based on their respective mandates, collectively serve as agents for curbing public financial misconduct and promoting ethical governance.”
Anti-graft agencies also engage in capacity-building exercises tailored toward eradicating financial crimes and corruption. They provide whistleblower services, acting in the public interest, and conduct public enlightenment programs to ensure probity across all sectors.
Furthermore, these agencies play a critical role in the recovery of stolen assets from offenders and enforce the provisions of their respective extant laws.
In conclusion, the Director-General of the Bureau of Public Procurement (BPP), Adebowale Adedokun, reiterated the bureau’s commitment to fostering transparency and accountability in the nation’s procurement processes. This commitment is crucial in ensuring that public funds are utilised effectively and efficiently for the benefit of all citizens. The BPP must continue to strengthen its oversight mechanisms, including robust monitoring and evaluation systems, to prevent corruption and ensure that procurement processes are fair, competitive, and value-driven.
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Undoubtedly, these recoveries and numerous reforms underscore the ICPC’s and other anti-graft agencies’ collective dedication to curbing public financial misconduct and promoting ethical governance. However, the fight against corruption is a continuous battle that requires sustained effort and unwavering commitment. These agencies must continue to strengthen their investigative capacities, enhance inter-agency collaboration, and leverage technology to effectively combat corruption in all its forms. Furthermore, there is a need for comprehensive reforms to strengthen the legal and institutional framework for combating corruption, including strengthening the judiciary, enhancing witness protection programs, and ensuring the timely and effective prosecution of corruption cases.
Kingsley Ndubueze Ayozie, KJW, MSc, MBA, FCTI, FCA, advocates of Good Governance and Chartered Accountant, writes from Lagos.
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