This Day (Lagos)

Nigeria: Corruption - 'Past Leaders Misappropriate $480bn'

Lagos — President and Chairman of Council of Nigerian Institute of Management (NIM Chartered), Alhaji Mohammed Abubakar (FNIM), yesterday painted a pathetic picture of how past leaders contributed to the woes of the nation by misappropriating a whopping sum of $480billion since 1960.

Abubakar, at a media parley to announce its forthcoming "2006 International Management Conference," scheduled for Abuja, from November 20 to 21, said "in almost all the socio-economic sectors of the nation, management failure has assumed epidemic proportions."

He said the amount was a fall-out of a report by the Economic and Financial Crimes Commission (EFCC).

Abubakar said sad as the situation may be, the nation is "in the harvest season for the many years of mismanagement sown," adding that indiscipline has remained the greatest impediment to the nation's development.

According to him, "eight plane crashes and mishaps in 13 months, taking over 300 lives and billions of naira, not to mention the pain, anguish and shattered dreams of those left behind, deliberate disrespect for the rule of law as can be seen in the impeachment drama in the polity; and an education sector that scored "F" in all critical success indices as recently revealed by the Minister for Education.

"There are clear indications that it has not been all down-hill though, with debt cancellation of about N18billion and reforms of the various sectors," Abubakar said, asking, if we have such potentials, what could be wrong?

"If the intellectual capacity is such that can rise to such a height of creative excellence, why are we not getting it right in our development efforts? Everyone is in agreement about the abundance of human and material resources. Another point of common agreement is the fact of gross under-performance. So, what is wrong?", he asked.

While explaining reasons for the hosting of the 2006 conference, Abubakar said the Institute was bothered by the menace of indiscipline, hence the need to address it.Said he: "indiscipline is the mother of mismanagement, it breeds corruption, degrades social sanitation, promotes greed and avance law and order, provokes anarchy and breakdown of order, degenerates human value, and ultimately reduces to proverty", he said.

Ads by Google

Copyright © 2006 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.