Banks corruption, EFCC and TI rating
A point of reference as I ponder on its current rating of Nigeria is the characteristically timely intervention of the Economic and Financial Crimes Commission, EFCC in the troubled banking sector and the on-going prosecution of several high profile cases which must have consummated into the improved rating. The Commission’s concerted efforts in collaboration with […]
A point of reference as I ponder on its current rating of Nigeria is the characteristically timely intervention of the Economic and Financial Crimes Commission, EFCC in the troubled banking sector and the on-going prosecution of several high profile cases which must have consummated into the improved rating. The Commission’s concerted efforts in collaboration with other regulatory agencies have not only gained more points for Nigeria in her international rating in corruption index but have also yielded a whopping recovery of over one hundred and eight billion naira (N108bn) of lost funds from debtors of the five bailed-out banks. It is indeed an indication that the anti- corruption war had actually taken off and the Commission is rightly on course.
Until now, according to the TI report, “Nigeria’s banking sector has a long history of corruption, which was partly responsible for the collapse of many banks in the 1990s and losses to many depositors and stakeholders”. The stories perhaps remain the same and unfortunately with an abysmal drift towards unbridled culture of business as usual amplified to the level of impunity. The report went further to place the blame on the door step of government which before now reflects lack of efficiency and effectiveness on the part of bank regulatory authorities in the country. But with present vigor and commitment demonstrated by the EFCC and its current leadership, the report acknowledged an appreciable departure from the past.
Against this back drop, I reiterate the need for all and sundry to support the efforts of the EFCC in her bid to salvage the nation from the scourge of corruption and financial crimes.
It is interesting to note that TI appreciates and believes in institutional empowerment as a significant way to raise the scales on war against graft. This suggests to me that we can only help ourselves by allowing the EFCC go about her constitutional duties without any undue interference from any quarter. The frustration being encountered by the anti-graft agencies in the course of prosecution is nothing but a cog in the wheel of progress. Hence, to ensure that the anti- graft agencies perform their functions efficiently and optimally, every one of us must ensure that we give them maximum support by ensuring that we do not engage in acts capable of detracting and frustrating the objectives of establishing them.
As a keen observer, I have since discovered that the best anyone can do to help raise the bar on this war is to be dispassionate about individuals caught in the web of the Commission. Let’s for once be patriotic.
When I read that the Commission is canvassing for fresh measures, approaches and initiatives to boost the war, I saw a new window of hope. It appears as an impetus to the efforts of the EFCC and a step in the right direction if Waziri is drumming up support for the passage of the still born Freedom of Information (FOI) Bill, Assets Forfeiture Bill, establishment of Special Court to handle corruption related cases and calling for collaboration among the various anti-graft agencies.
Come to think of it, all the arguments ever advanced in support of the FOI bill has been public spirited. The public remains the sole stakeholder in this struggle and if we must achieve the desired result, we must involve them in the battle. They, the public reserve the right to information. Closely related is the Whistle Blower Act being canvassed. When this is passed to law and operational, the work of the Commission becomes easier leaving the public as the ultimate beneficiary.
Take a look at the infamous Yahoo-Yahoo boys for example. Some of them are undergraduates without a clear means of livelihood but parade expensive cars beyond their status. With this empowerment, EFCC does not need to wait for petition against such class of people before instituting probe into their activities. Knowing that there is an enabling law protecting the rights of whistle blowers, members of the public will be forth coming with information and dishonest wealth can be easily tracked down while restraints will become the order of the day. In fact, the need for all these measures cannot be over emphasized.
I am aware though that our problem is not absence of laudable and achievable initiatives but the will to push them through. The National Assembly should realize at this juncture that there is no greater sign of a general decay of virtue in a nation, than a want of zeal in its inhabitants for the good of their country Hence, it is imperative that members of the legislature live up to expectation and give Waziri and her initiatives the needed backing.
Despite all the controversies and cynicism, there must be total commitment on the part of all to see the war through. EFCC, to my mind, deserves our support. Honestly, when we all work together, we are capable of creating an environment which could make corruption a very hazardous practice. In this regard, the major weight will be on the judiciary to show courage and independence in ensuring that financial crimes offender and corrupt public officials are made to pay and denied the proceeds of those crimes. The beauty of the current anti-graft war is that through civil forfeiture procedures we can make the cost of crime much more expensive for offenders.
Now that the world has taken cognizance of the work of Waziri and her modest efforts to remove the blight of corruption from our national psyche, it is imperative for her not to allow herself to be distracted at this crucial time. This endorsement by TI if any thing, calls for a redoubling of efforts to ensure that out country is purged of the offensive reputation of corruption. All hands must therefore be on deck and I call all men of goodwill and friends who wish us well as a people to rally round Waziri and EFCC to guarantee this generation and future generation a corrupt- free Nigeria.
Suleiman writes from Ogbomosho