Nigeria's War Against 'Fantastic Corruption'

Nigeria's War Against 'Fantastic Corruption' By M.B.O Owolowo

Well before David Cameron's “fantastically corrupt” comment on Nigeria, corruption is a term that has been synonymous with Nigeria, and probably the most used word in the country’s socio-political lexicon.

Cameron's comment was censured because Nigeria's President Muhammadu Buhari had been invited to the just concluded anti-corruption summit held at Lancaster House London, and was scheduled to give a keynote address titled “Why We Must Tackle Corruption Together”.

Though President Buhari was initially'shocked' by Cameron’s comment, he would prefer ‘Nigeria’s assets’ were returned, than demand an apology.

Since becoming Nigeria’s president, Buhari has been consistent with his funds repatriation request. During his 2015 United Nations address, he emphasized the need for “dismantling safe havens” of corruption proceeds and the “return of stolen funds and assets to their countries of origin”.

Whilst sceptics of anti-corruption summit may dismiss it as another highly publicised rhetoric-filled fanfare that wouldn’t have any impact, I am hoping a cardinal consequence of the summit is the immense economic effects repatriated funds would have on affected nations.

In this regard, assisting Nigeria tackle corruption is crucial because of the capital flight issue; a significant amount of Nigeria's looted funds end up outside Nigeria, particularly tax havens - which according to leading economists, have no 'economic justification'. However, illicit funds in tax havens cause economic deprivation to affected nations.

It is estimated that over $380b has been looted by previous governments in Nigeria. David Cameron stated during his 2013 Davos Summit speech that “hundreds of billions” Nigeria made the preceding year, surpassed sub-Saharan Africa’s total net aid, and dwarfed the impact of foreign aid.

For example, in 2001, the United Kingdom's Financial Services Authority revealed that about '23 London banks' had handled $1.3bn of the loot of Nigeria's former dictator, Sani Abacha. Amongst other indentified looted funds include $700m (Switzerland), $380m (Luxembourg), $227m (Lichtenstein) and $458m (Jersey and France).

Historically, the effects of corruption on Africa’s largest economy have caused societal upheavals, including war, precipitous resolutions, and military interventions aimed at sanitizing the political class.

Incidentally, Buhari's 1983 regime was a timely intervention that stymied the then ruling government's squandermania, tackled corruption and brought the much needed sanity required at the time. Nigeria had started a roadmap to recovery; unfortunately, the sanitation exercise initiated by Buhari's regime was interrupted by a Ibrahim Babangida coup d’etat.

During this unfortunate era, Nigeria witnessed the institutionalization of corruption: a thriving enterprise that poignantly became part of Nigeria's ethos, and manifested into the transmutation of avaricious creatures – many of whom ended up in public service and authority.

The antecedental crimes of corrupt entities that pervaded the polity, constituted the bulk of those mostly vehement in opposition to Buhari's presidential ambition – winning on his 4^th attempt. In Buhari’s words, “If Nigeria doesn't kill corruption, corruption will kill Nigeria”.

In essence, the war against corruption in Nigeria is to an extent a doctrine of necessity. Utilizing agencies such as the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC), there have been dozens of arrests and the recovery of some locally accessible looted funds – which can be devoted to augment budget deficits.

Unbridled corruption has had devastating effects on Nigeria; one of such consequences is terrorism, particularly Boko Haram. The previous government toyed with the issue, and politicized the security matter till it strained relationships with potential allies, notably the United States. Consequently, the Boko Haram cataclysm metamorphosed into a ravaging menace, with at least 3 million Internally Displaced Persons and well over 15,000 dead.

By all accounts the previous government failed on security, especially the diversion of security funds for electioneering purposes – the former National Security Adviser along with other corrupt military chiefs have been duly arrested for misappropriating billions of dollars that ultimately undermined Nigeria’s military efforts and border security.

A probable inclusion of misappropriated funds is the £250m Hugo Swire UK MP and current Minister of State for Foreign and Commonwealth Affairs stated was budgeted for Nigeria by the Department for International Development (DFID).

Expectedly, some concerned citizens demanded an inquiry into how these funds were expended. These and many other concomitant issues made many local and international observers question the sincerity of the previous administration towards combating terror.

It was no surprise Nigerians yearned for Muhammadu Buhari to save the day; a 'converted democrat' with a strong military background. Buhari’s government has made significant progress against insurgents, reclaimed lost territory and has re-established severed relationships with allies.

Buhari emphasized that along with combating terror, he will fight graft. Part of his economic recovery strategies involves blocking frivolous expenditures and all forms of financial leakages by government. The implementation of the Treasury Single Account to monitor and consolidate government revenues is achieving such objectives.

The corruption culture inflicted previous governments with somewhat superficial comforts. Nigeria's over-dependence on oil and the especial failure of Buhari's predecessor on economic diversification - despite a $120 per barrel average over a 4 year period. Nigeria was portrayed as indolent to the point of self-abrasion, national detriment and international ridicule.

Fatefully, Buhari emerged to rescue Nigeria from a profligate administration in 1983, and three decades later he returned once again to rescue Nigeria from arguably the most corrupt in Nigeria’s history - a government that callously suspended the Central Bank Governor for alleging $20b was missing in oil revenues.

The imperilling effects of grandiose embezzlement schemes on any society are not only detrimental but certainly unsustainable. Analogically, it's like slicing both your wrists, then trying to enjoy a sumptuous meal – sooner or later, you'll bleed to death!

For Nigeria, the emergence of Muhammadu Buhari meant it was time to stop the bleeding! Though it will take some time to extirpate corruption, there's a point at which a matter peaks – corruption is no exception.

Unfortunately, the actions of a corrupt few have affected Nigeria's reputation. The vast majority of Nigerians are not corrupt; they have witnessed the zenith of corruption in Nigeria and hope to reap the immense benefits of the ongoing war against corruption.

m.b.o.owolowo@gmail.com

-M.B.O

2016 ©