Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, said Nigeria requires strong institutions and systems to fight corruption and Illicit Financial Flows (IFFs).
He made this recommendation while delivering a lecture to participants of Executive Intelligence Management Course 14 of the National Institute for Security Studies in Bwari, Federal Capital Territory (FCT).
In his paper titled “Governance, Corruption, Rule of Law and Security in Africa”, Prof. Owasanoye stated that the solution to corruption, economic and security problems bedeviling Nigeria lies in building strong institutions and systems with active collaboration from state and non-state actors.
He said, “Corruption and weak governance are mutually reinforced. Corruption and weak governance impact development, peace and security in multiple ways.
“Diversion of the public budget in the expenditure side of revenue, direct looting of treasury, illicit financial flows (IFFs), tax evasion, misapplication of funds, deliberate elephant projects, and contract and procurement abuse have huge implications for development.
“Without development, there can be no peace or security and without peace and security, development is a mirage. Massive investment in infrastructure is the route to development.”
Source: Leadership NG
