Demand for public -private sector accountability
And what is this corruption about? Corruption is the diversion of the natural cause of events with a view to confer undue advantage on an individual or a group of individuals. It is an action or inaction which gives advantages or bestows undue favour on a person that he or she is not legally or […]
And what is this corruption about?
Corruption is the diversion of the natural cause of events with a view to confer undue advantage on an individual or a group of individuals. It is an action or inaction which gives advantages or bestows undue favour on a person that he or she is not legally or morally entitled to. It is similarly an abuse of all offices of trust for private gains whether in the public or private sector. It is any form of illegal self-enrichment or the conferment of same on any individual to the detriment of the society. It is synonymous with moral decay, un-cleanliness, want of character and value deterioration.
Corruption has become a societal sickness. It has been so pervasive and has cut across all aspects of our national life. Thus, corruption exists in all spheres of our economic life. It is, therefore, not the concern of the public sector alone. It is also a growing challenge for the private sector. It has become an enigma that compromises national development, contaminates collective morality and values; distorts national planning, undermines integrity and discipline and destroys the very foundations of creativity, innovation and democratic structures and development.
Corruption is as a result of decay and collapse of family and societal value systems where the people in the public or private sector see no shame in the immoral ‘get-rich-quick’ syndrome.
Corruption is devastating because it leads to the diversion to private pockets, of scarce resources which otherwise would have been used for the provision of infrastructure. It corrodes public confidence in government, particularly its inability to deliver essential services to the people. Most importantly, it discourages transparency, honesty and accountability in public office as well as the spirit of hard work and selfless service.
What is frightening is that corruption has been institutionalized to a point where it almost passes for official policy in both public and private sectors.
The quest for wealth is overwhelming, so much so that the daily struggle by Nigerians is towards money, just any money. Many of the disciples are everywhere in Nigeria. They are in our mosques, in our churches, in our railway corporation, in our government departments, in our customs and immigration services, in our police force, in our educational institutions, in JAMB, WAEC and NECO offices, in our medical institutions, in PHCN, in NIPOST, in our foreign and local embassies and high commissions, in military and para-military establishments, in our legislative houses, in our judiciary, in our tax offices, in our banks and other private concerns. This disease is an epidemic.
Our religious institutions are the true recipients of corrupt gains. Do these institutions ask questions as to the sources of funds being contributed to them by individuals and groups?
There must also be collaborative efforts to enforce accountability in the conduct of business in both the government and private spheres. Citizens have the right to know and the government has the responsibility to inform. Similarly, the stakeholders and the shareholders have the right to know the happenings in respective private concerns.
Lack of accountability can be politically, economically and socially very costly. Absence of accountability can hinder public scrutiny of government programmes. Lack of accountability leads to poor understanding of the government’s intention by the people. Accountability is the cherished goal of every government and private firms. Its existence or lack of it determines the democratic or dictatorial credentials of any government. It is important that public servants, appointed or elected, should report to the citizens on the quality of their work and the resources entrusted to them.
We are convinced that government can deliver the dividends of democracy in this country if all activities leading to the provision of critical social services are monitored. The principle that government is for the people means that the people should continue to guide the use of public funds. Similarly, promoting accountability in the private sector safeguards investors’ assets and promotes financial stability. And strong financial institution with proper accountability and transparency strengthens confidence in the capital market and helps their development.
Ironically, there has been an age-long misconception of the words: accountability, corruption and probity. Often times, when these words are used, people tend to see them from the perspective of the executive, the legislature and the judiciary; and by extension, the parastatals, ministries, departments and agencies of government. It is my belief that as long as accountability is only required from the public sector of the Nigerian economy, we as a people and as a nation are not yet ready to set the ship to sail towards the ideal and organized Nigeria that we dream, think, imagine and talk about.
Simply put, the private sector contributes the largest chunk of circumstances that cumulatively plunged our dear country into this quagmire of corruption.Thus, it is inappropriate that our society today focuses its searchlight of probity and accountability only on the politically exposed persons occupying positions of government. It is now time to beam our searchlights on the private sectors also.
Until recently, not many know how the Chief Executives of our banks have ruined these banks. And the negative effect is on the depositors. Following the auditing of about 24 banks, it became clear that the Chief Executives of these banks had recklessly mismanaged depositors’ funds, lending money to themselves which were never repaid. And for banks to borrow or use depositors’ money to buy an aircraft and for the said aircraft to be registered in an individual’s name is the height of the bank’s financial recklessness. The situation has become so glaring that the need to save millions of poor depositors who have been made to suffer from the collapse of the so-called mega banks, can no longer be ignored.
Senator Kuta is representing Niger East senatorial district in the Senate.