ICPC moves to end illicit financial flows in private sector
…Rallies stakeholders on draft model financial transparency code
By Ogaga Ariemu
The Chairman, Independent Corrupt Practices and Other related Offences Commission (ICPC), Prof Bolaji Owasanoye SAN has reiterated commitment to curb illicit Financial Flows (IFFs) in the private sector.
Owasanoye made this known on Monday at the ‘Draft Model Financial Transparency Code Developed for the Private Sector’ review held at the commission’s headquarters in Abuja.
The Chairman who was represented by the Secretary of ICPC, Prof Musa Abubakar disclosed that efforts will be strengthened to stymie corruption within Nigeria’s private sector.
According to him, the Oil and Gas, Education, Real Estate as well as taxation, investment sectors are areas of serious concern for the Commission.
He explained that inputs from stakeholders on the draft code will go a long way in tackling IFFs.
“The Commission in conjunction with Inter-Agency Committee for Stopping Illicit Financial Flows (IFFs) from Nigeria and with the support of Ford Foundation has undertaken a range of activities including research to better appreciate the nature of Illicit Financial Flows (IFFs) in Nigeria including its full extent as well as its incidences in many sectors like Oil and Gas, Education, Real Estate as well as taxation, investment and contract negotiation. These activities have enabled members to gain a better understanding of IFFs from the perspective of other agencies. It is noteworthy that workshops on capacity development for Investigators, Tax Inspectors, Prosecutors and Negotiators of Trade, Investment, Tax and Natural Resources Agreements have also been executed.
“Presently, action is on-going to develop technological tools to help identify, detect, curb and monitor IFFs.
“The key focus of today’s meeting is to review and make inputs to a draft code developed for the Private Sector which will go a long way in tackling IFFs. After the review of the Draft Document and relevant amendments/inputs, there will be a series of sensitization/engagements before it’s deployment to the Private Sector for voluntary compliance”, he stated.
On his part, the lead Presenter, Dr Kolawole Ebire emphasized that the code scheme of IFFs for private sector is aimed at improving transparency.
He said the Draft Code upon implementation will reduce loss of pubic revenue in commercial transactions.
During an extensive interaction on the draft code, stakeholders such as the Chairman, Inter-Agency Committee for Stopping IFFs, Dr Adeyemi Dipeolu, Mr Soji Apampa, Mr Pattison Boleigha, Mr Busayo Balogun and others stated that the implementation of laws on IFFs is critical to curbing the menace.
Participants from the banking sector, professional bodies, International Organisations actively added their voices to the discourse.
