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Nigeria: EFCC Probes Past Govts On $500bn Oil Revenue
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Vanguard (Lagos)
11 April 2008
Posted to the web 11 April 2008
Kingsley Omonobo and Chris Ochayi
Lagos
THE Economic and Financial Crimes Commission (EFCC) said, yesterday, it would soon carry out a critical examination into what past administrations in the country did with the $500 billion generated from oil in the last 50 years, according to its acting Chairman, Mr. Ibrahim Lamorde.
He spoke as President Umaru Yar'Adua reiterated the determination of his administration to boost the war against corruption, pledging a total support for the commission (EFCC) to ensure it frees the nation from the shackles of corruption
Lamorde who spoke at the 5th anniversary celebration and launch of commemorative of anti-corruption stamps, said:
"Nigerian which made nearly half a trillion dollars from oil in less than five decades, a figure that dwarfs the total international aid to the whole of Africa, still has 70 per cent of citizens live in conditions of dispiriting poverty, on incomes of less than a dollar a day. We are going to take a critical look into how this problem arose over a period of the last five decades."
Warning that the "nation was virtually on a life support machine," Lamorde said: "The outlook was bleak, and only the illusionists among us failed to see that the nation was virtually on a standstill.
"Corruption had taken an unprecedented stature, assuming an alarming cultural dimension, and frustrating all attempts at effective economic growth and a decent expression of development."
Emphasising on the challenges ahead for the anti-graft agencies, the acting Chairman said: "The task ahead is huge given the challenge of building an economic model that promotes the country into the league of the 20 leading economies of the world by the year 2020.
"The challenge of maintaining the general economic security and assets of this country and the challenges of ensuring the day-to-day economic well-being of our citizens and of the business community are some of the illustrations of these tasks.
"Central to any solution, however, will be the continued commitment and even greater investment in the anti-corruption fight. Also critical will be a vision which insists that the work of preventing and combatting corruption is not an end in itself, but a means to promote integrity and accountability as well as ensuring proper management of our national public life."
On strategy mapped out to confidentially confront the looming future of corruption in the country, Lamorde said: "We have a policy that actively builds on our current work philosophy which operates strategically by consciously building bridges between the spheres of corruption prevention and law enforcement, especially as they connect to national reform policies aimed at strengthening our governance systems."
Yar'Adua hails EFCC
In his speech, President Yar'Adua said: "In just five years, it (EFCC) has come to epitomise our uncompromising stance against corruption in all ramifications. The management and staff deserve commendation from all Nigerians.
"From inception, we have demonstrated our determination towards zero tolerance for corruption as a cardinal principle of governance. Sustained growth and social economic development and national economic regeneration cannot be achieved with corrupted and contaminated governance and political process.
"The debilitating effects of unbridled corruption are multifaceted and multifarious. It encourages the distortion of our moral values and political mis-governance. In five years, EFCC has provided leadership in the cleaning of the financial environment, creating enabling environment for such landmark achievement as successful consolidation of the banking sector.
"The de-listing of Nigeria from the list of the non-cooperative countries and territories regarding international money laundering and the boosting of Nigeria in the international financial circle, the multiplier of this for our national economy and international perception has been tremendous.
"I am informed that the Commission has concluded more than 250 cases and conviction, and recovered assets worth $5 billion." he said.
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Aondoakaa insists on rule of law
On his part, Attorney-General of the Federation, Mr. Michael Aondoakaa (SAN), stressed that "our desire to enthrone and ensure that government activity is done accordingly to law is not a licence for people to hide under it. That is why EFCC's eyes are wide open because sometimes the law is blind and if the law is blind EFCC eyes are wide open to go there and pick the criminals.
"What we surely insist as a government and in my capacity as a law officer whose responsibility is given in the constitution over prosecution is that it must be done in accordance with the rule of law. "Prosecution must be done according to the rule of law. Once you get a criminal arrested, prefer charges against him; take him to court within 24 hours if the court is within 25 kilometres radius or 48 hours outside 25 kilometres radius.
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The exercise of carrying out an examination of what past administrations in the country did with $500b in the past 50 years is VERY RIDICULOUS, TIME WASTING, CHILDISH, DEM0NSTRATES COMPLETE IMMATURITY AND DOWNRIGHT INEPTITUDE. With all evidence showing how blur and unreliable the information on the power projects spending by the last administration ($10b, $5.2b, $16b, $12.93b, $13b, $6b, $16.9b) just in the last eight years, how can any same person dream of any NEAR RELIABLE information about events 40 or 50 years ago, a period that traversed civil war and military rules. What positive contribution will such... [Read Full Text]
I think EFCC should concentrate on the current events if the current executives mean what they preach "fighting corruption". We should remember that the only Head of State that has ever been probed in Nigeria is Abacha, because he is dead. He is not worst off than the ones living. the current makeup of EFCC should not give us any hogwash about probing what happened in 50 years when they cannot tell us what happened 8 years ago. They should remember that Shakespeare warned that: "Any mercy that forgives a murderer encourages murder." As my Urhobo friend will... [Read Full Text]
No doubt, at the age of five, the EFCC has created monumental impacts on the image of Nigeria as a highly rated corrupt country. Perfectionist would argue that the birth rights of this noble organisation are its shortcomings. Nigerians have not seen a tough enough and consequential punishment to indicted corrupt politicians. The EFCC can have so much laudable milestons but non would be as effective as an indication that indicted persons are kept behind bars without an option for an upwards of 15 years. The national assembly must in the next constitutional ammendment include a tougher punishment of the... [Read Full Text]
Nigerian Oil: A 50 year flow-chart
Mr. Lamorde of the EFCC is absolutely right to examine 50 years of past administrations behavior with $500 billion in oil industry profits. A flow-chart of stolen profits and assets would be of extraordinary benefit for tracking, tracing and recovering stolen wealth.
In the era of economic global techtonics, Nigeria has much to offer in the way of information and technical know-how on fighting corruption and financial crimes.
I have always argued that all countries in the world would go through one kind of revolution at a time.Even when the incubent leader least anticipates,something is happening and it forces beyond our phisical control will absolutely ochestrate it. "The chickens has come to Roost in Nigeria" We can at least recover enough to push us 50 years ahead of the 50 yaers we are behind civilisation.
Sylvester Roy
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