The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has attributed the high level of poverty and raging insecurity in Nigeria to corruption, while urging for collective efforts from all stakeholders to curb the menace.
ICPC Chairman, Prof. Bolaji Owasanoye, stated this in Lagos at the weekend, saying that corruption has weakened the Nigerian economy and dampened the confidence of both local and foreign investors to put their money in the economy.
He added that even those that looted the Nigerian economy invested the loot abroad.
Addressing a conference on Governance, Leadership and Ethics with the theme: ‘How to Build a Thriving Economy’ organised by The Integrity Organisation at Imperial Hall, Lekki Coliseum, Lagos, the ICPC boss said that every Nigerian has a role to play in lifting the nation by rebuilding the economy.
Prof. Bolaji, who lamented that few corrupt people have given majority Nigerians a bad name, called for boosting investors’ confidence for Nigeria to build a virile economy.
“For our economy to grow, investors are key. We should fight corruption not just in public sector but also in the private sector.
“Billions of naira lost to corruption over the years have accumulated to trillions. Imagine if trillions of naira are spent on our education, health and infrastructure today where it would take us. Where are the rich Nigerians spending their money? They are also exporting their investment maybe for fear of being scrutinised.
“There is need to build trust in the country, there are enough people who can start small businesses of N500,000 or N1 million that can provide job for the unemployed seeking for job. There are people who can empower hundreds of thousands of job seekers by giving them seed money to start a business but there are fears that once they give that money, they won’t get early return or they wont even get any return at all.
“Corruption crushes economic growth and makes it difficult for businesses to break even. When public money ends up in public officers’ pocket, tax is higher and investment is lower,” Owasanoye said, while highlighted qualities expected from leaders as role modelling, moral courage, ethical behaviours and conceptualising success.
The CEO Convention on Business Integrity, Mr Olusoji Apampa, said that the rationale of the conference includes policy management responsibility and accountability, sustainability and profitability. He stated further that ethics inculcate doing the right thing and doing things right.
The conference had three sessions that discussed justice, corporate governance and survival of ethical business.
