ICPC Rallies Stakeholders on Draft Financial Transparency Code

•Seeks end to illicit financial flows in private sector

Kingsley Nwezeh

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye yesterday said the, “Draft Model Financial Transparency Code Developed for the Private Sector,” would ensure financial transparency in the sector.

He also said the agency was committed to curbing Illicit Financial Flows (IFFs) in the private sector.

Owasanoye made this known during a review of the, ‘Draft Model Financial Transparency Code Developed for the Private Sector,’ held at the commission’s headquarters in Abuja.

Owasanoye, who was represented by the Secretary of ICPC, Prof Musa Abubakar, disclosed that the anti-graft agency convened the review session at the one-day workshop with a view to containing corrupt practices in the sector.

He listed oil and gas, education, real estate, taxation and investment sectors as areas of serious concern to the Commission.

He stated that inputs from stakeholders on the draft code would go a long way in tackling IFFs.

“The Commission in conjunction with Inter-Agency Committee for Stopping IFFs from Nigeria and with the support of Ford Foundation has undertaken a range of activities including research to better appreciate the nature of 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,” he added.

“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 sensitisation/engagements before it’s deployment to the private sector for voluntary compliance,” he added.

In his remarks, the lead presenter, Dr. Kolawole Ebire, emphasised that the code scheme of IFFs for private sector was aimed at improving transparency.

He said the draft code upon implementation would reduce loss of pubic revenue in commercial transactions.

During an extensive interactive session on the draft code, stakeholders were also of the view that corrupt practices should be contained in the sector.

The Chairman, Inter-Agency Committee for Stopping IFFs, Dr. Adeyemi Dipeolu; Mr. Soji Apampa, Mr. Pattison Boleigha, Mr. Busayo Balogun and others affirmed that the implementation of laws on IFFs remained critical to curbing the menace.