How to battle corruption, stabilize forex, revive the economy

In the United Kingdom, the country that has practiced parliamentary democracy longer than anyone else, a country that is the ultimate model and advocate of Rule of Law, Due Process and Human Rights, there is a law known as Proceeds of Crime Act (POCA). Under the Act, any person found in possession of any wealth […]

In the United Kingdom, the country that has practiced parliamentary democracy longer than anyone else, a country that is the ultimate model and advocate of Rule of Law, Due Process and Human Rights, there is a law known as Proceeds of Crime Act (POCA). Under the Act, any person found in possession of any wealth he cannot satisfactorily explain how he got it, is presumed to have gotten it by foul means and the wealth is confiscated while the  ‘owner’ is sent to prison. Challenge the National Assembly to fast track the adoption of POCA in order to enable the EFCC and the Judiciary to use this law specifically to deal with corruption, a national emergency.  This is just about all you need to do to reinvigorate the naira, restore international investor community confidence and thereby bring back FDI (Foreign Direct Investment) now migrating to Ethiopia; and restore momentum in accelerated economic growth. This removes the excuse of lack of evidence to prosecute the criminals who always think they out-smart all of us. The banks have records of foreign exchange transfers out of Nigeria over the past 16 years. Those who did the transfers will explain where the naira cover came from.  The vaults of local banks are busting with naira. Each depositor shall explain how he earned it. Nigerians know that some teenagers have billions of naira in their accounts. Land price in Abuja and Lagos are soaring due to unprecedented demand and are now among the highest in the world even as Nigeria is an undeveloped country of many citizens living below poverty level as defined by the UN. There is a glut of property in the market because of a construction frenzy triggered by a need to hide stolen billions. In some States, Governors bought whole streets and closed them off. The owners of these estates and mansions shall explain how they earned the money. Whoever served as surrogate shall explain how he earned the money or he goes to prison. If you devote the next four years to this process, you would have changed Nigeria forever. “Loot and go” can no more be the creed of the political class and public office holders in Nigeria; and naira will once again exchange at less than N50 to one dollar; our economic growth rate will match or overtake that of Ethiopia. By trying all those accused of wrong doing in the Halliburton and Siemens Scandals and jailing anyone found guilty, you would have permanently etched into the psyche of Nigerians that indeed no one is above the law. If you fail to do that, it will be a blot on your record and the desired goal of a national moral rearmament becomes a stillbirth. Let all ex Presidents and their Deputies, Governors, Senators, Ministers, etc be publically probed. Challenge Nigerians to come forward with what they know, and who did what while in office during the past 16 years. Nigerians are eager to come forward and expose them if and when called upon to do so towards a sincere and credible investigation.
Beyond the NNPC, probe all revenue earning or transacting bodies and the Pension Boards of the Federal Government and see what has happened over the past 16 years. It is intriguing that we have no clue as to EXACLY what we ought to be earning, except what the NNPC, Customs Services, FAAN, FIRS, NPA etc volunteer to report; then all hell is let loose when we learn that even what they reported to have earned, is not accounted for. It is also interesting that each time we scratch our heads and set an arbitrary revenue target for the Customs Services, they gleefully inform us that they have beaten it, and we clap! Mr. President, you need experts from global brand accounting firms to establish Nigeria’s actual revenue earning capacity at current factor status (which is not a theoretical potential). Massive sums that should flow into the Consolidated Revenue Funds Account at CBN do notget there so much so that anyone appointed to serve as Revenue Mobilization Commissionerbecomes an instant billionaire. What’s going on? Our public servants are stealing MORE than the politicians. Our commercial banks need more stringent supervision by the CBN; and CBN officials should get out of bed with those they are suppose to supervise. Set up a Loot Identification and Recovery Commission in every State. History calls on you to be the Jerry Rawlings of Nigeria.If you shy away from this call, you have betrayed posterity. As the Arabs say, a thousand sheep led by a lion will always defeat a thousand lions led by a sheep. The challenge of the Nigerian lion is using his moral authority to change the mindset of a sheep nation and soldering into their brain cells a new way of thinking, such that a public office holder in Nigeria has a phobia for abuse of office; such that a template of decorous behavior is etched into his psyche, helping him see public office as nothing more than an opportunity to serve the public and make a name for himself.  Lack of a moral lion in leadershiphas been Nigeria’s problem. It is amazing that millions of Nigerians across all divides, place their confidence of cleaning out the rot of the past 16 years, and faith and dream for a decent society thereafter, in YOU, one man. But one man, called Jerry Rawlings, did it in Ghana. It can be done in Nigeria.
These done, we do not need to go cap in hand to foreign institutions for loans in order to strengthen the naira and improve our foreign reserve. The help Nigeria needs from the international community is not loans, but a contribution of fraud and corruption forensic experts to strengthen the EFCC and the Police right down to Local Government level.Nigerians desperately need reason to believe that equality before the law is a reality in Nigeria and not just a mere political slogan. Nigerians need to believe that Justice may have a lame foot, but it ultimately overtakes the hare-footed criminal, even if he is a fox with the brain of a tortoise.Be Nigeria’s democratic Jerry Rawlings, Mr. President. It needs to be etched into the psyche of every past, present, and future Nigerian leader and public office holder, that he or she is not free to help himself with public funds without paying dearly for it.To pull out the dirt, you need a high suction vacuum cleaner, not just a broom. That is the desperate demand of NOW!What a burden! Good luck Mr. President. May God guide you.
Engineer Thompson  is the head of “The Patriotic Nigerians”, a Non-Governmental Organisation