Business
UN Tasks Nigeria On War Against Graft
The United Nations Global Compact Office has asked the Federal Government to step up the fight against corruption in Nigeria to enhance development.
Ms. Jobi Makinwa, the UN Head of Anti-Corruption Initiative, made the call at a two-day workshop on Public Private Partnership against Corruption in Abuja, yesterday.
She said there was need to streamline the activities of companies doing business in the country as their attitude to business had promoted corruption in the country.
“The government of Nigeria needs to step up by ensuring that there is incentive for companies to abide by the laws. “One of the incentives is making sure that the laws and policies are put in place, not only that, but that they are fully enforced. “This will act as an incentive; the government itself must create a level playing field for other actors to be able to fight corruption in all its forms, ’’ she said.
Makinwa described corruption as a major challenge to the advancement of sustainable development worldwide.
She noted that for the fight against corruption to be effective, the private and public sectors must collaborate to ensure its elimination.
She said: “The business community at the international level is now required to step up more than ever before, in the elimination of corruption. “
She called for the enforcement of the anti-corruption law to tackle corruption in the country.
Also speaking, Mr Foluso Phillips, the Chairman of the Nigerian Economic Summit Group (NESG), said corruption was the major challenge for the Nigerian economy.
“There is no doubt that corruption has become a major issue in the lives of all of us here in this country; it has affected and it continues to affect so many aspects of our economy.’’
According to him, the level of corruption in the country has made it difficult to attract foreign direct investment flow.
He, therefore, charged the business community to take steps to address the vice as it undermined the interest of all Nigerians.
Phillips said that the magnitude of corruption was mind boggling, and that the culture of impunity was waxing strong.
He affirmed NESG’s belief in the deregulation of the downstream of oil and gas sector, saying the policy would help reduce corruption in the country.
The Chairman of the Economic and Financial Crime Commission (EFCC), Mr Ibrahim Lamorde, said the issue of fighting corruption topped the commission’s priority list.
The EFCC boss, who was represented by the Commandant of EFCC Academy, Mr Ayo Olowoniyi, lauded SIEMENS as one of the organisers of the event.
“In the recent past as you are all aware, the company had gone beyond the strict parameters of international business practice and strayed into the murky territory of unethical business practice and had gotten itself into a huge mess.’’
Lamorde described SIEMENS’ participation as a step in the right direction and commended the business community for recognising the need to partner with government to tackle corruption.
He gave the assurance that the commission would continue to fight corruption until it was wiped out, adding that the commission had begun the screening of its workers to ensure that they lived up to expectations and not to compromise on matters of ethical structure.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.