Economic Crimes Must Be Punishable to Achieve EoDB Reform, Says Adebayo

The presidential candidate of Social Democratic Party (SDP) in the 2023 general election, Prince Adewole Adebayo, has said that economic crimes must be punishable to achieve reform for Ease of Doing Business (EoDB).

He said economic crimes do not allow businesses to reach their full potential.

Adebayo made this known in a keynote at the J9C 13th anniversary lecture themed: ‘Business and Policy Strategy: Examining the Role of Reforms in Enhancing the EoDB in Nigeria’.

He explained that the ease of doing business is the government and policymakers’ attempt to make businesses succeed. 

To make businesses succeed, he said civil servants should never be in business or have interest in business. 

He said this is so because corruption would be irreversible because of conspiracy from policymakers and civil servants who are known as contractors.

Importantly, he said the first reform to do for EoDB is that the rule must not be set by the players.

His words: “So economic crimes do not allow businesses to reach their full potential. Therefore, if you must make reform for ease of doing business, in addition to separating the regulator from the regulated, you must make economic crimes quite punishable.

“To do a proper audit of EoDB, we have to follow my political leader. He said that civil servants should never be businessmen. They should have no interest in business, because when you have a conspiracy of policy makers, civil servants and businesses, whom we call contractors, corruption will be reversible. 

“Therefore, the first reform you will do for EoDB is that the rules must not be set by the players. The rules will be set by the masses,  commissioners and enforced by independent referees. 

“Recently, when I saw the president on economic reform team or advisory council, they looked like players. I said this is a big mistake. You can consult anyone, but those who should advise you should not be people who have a skin in it again, because they will advise you naturally in their best interest.”

Speaking on government reform, he advised that people should not be deceived when the government comes with a programme and activity called reform which is a fundamental change in the way any programme, activity or policy is being done.

He added that economic reform must be policies that affect the economic growth of the country. 

“It must be about efficiencies and it must lead to stability. Reform is very important.

“The first thing the government needs to do is call fiscal reform, because a government that cannot pave its way is not a government, and to do fiscal reform, you must be able to handle the revenue that the government is collecting. 

“Since Balewa up to now, no government has been able to say that this is how much we are able to collect for the revenue of this country.”

Earlier in his opening address, the Chairman of Coleman Wires and Cables, Dr. Solomon Onafowkan, said the theme was a testament to creating value addition and integrity to professionalism and excellence in entrepreneurship which are the virtues expected from various callings in promoting rapid economic development of Nigeria.

He said investment is not sentimental as the first primary consideration for investment decision globally is to go to where return is guaranteed but not taken for granted.

According to him, ”Equally imperative is the issue of succession which is paramount for all upcoming entrepreneurs.”

In his welcome address, Captain J9C, Kingsley James, said that J9C was established in 2012 as a group of young Nigerians concerned about how Nigeria was faring.