President Muhammadu Buhari, today, delivered an address at the International Anti-corruption summit in the United Kingdom where he was hosted by Britain’s Prime Minister, David Cameron.
Here are 7 things we learnt from the President’s speech.
1.) When it comes to tackling corruption, the international community has unfortunately looked the other way for too long. We need to step up and tackle this evil.
2.) when I came to office, corruption had become endemic and systemic, threatening the very foundation of our national life, security and democracy. As a result, I have demonstrated zero tolerance for corrupt practices by combating corruption head-on.
3.) For too long, Nigeria has been a victim of both internal and international criminal cartels indulging in corrupt practices. This phenomenon is manifested in the plundering and stealing of public funds, which are then stashed away in secret offshore accounts.
4.) It has been estimated that oil bunkering, which is akin to trade in “blood diamonds”, now costs Nigeria about 7 billion U.S. dollars annually.
5.) We must henceforth see the anti-corruption fight, not as an end in itself, but as an instrument in the fight to eliminate poverty and restore the right order of things.
6.) There is no question that corruption accounts for 10% of the cost of doing business globally. Equally true is that reducing corruption by the same proportion might add 380 billion U.S. dollars yearly to the world economy.
7.) African countries have been accused of endemic corruption, although it is a universal evil. However, African countries have all too often been the victims of international corruption planned and executed from abroad using our own resources.
8.) Tracing, freezing and returning stolen funds to their countries of origin without delay or preconditions, combating illicit financial flows across international borders, initiating practical and enforceable international actions to tackle oil theft, introduction of stringent rules and regulations on the registration of beneficial or shell companies and disclosure of their transactions and a concerted international effort to address the general and pervasive problem of money laundering.
Credit: Nigerian Monitor