In a significant development, Mr. Gbenga Komolafe, the Managing Director of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced the acquisition of state-of-the-art equipment aimed at closely monitoring every liter of oil extracted from Nigeria.
This innovative initiative, disclosed during a conference organized by the HEDA Resource Centre and the Centre for Fiscal Transparency and Integrity Watch (CFTI), is poised to bring about a transformative change in the country’s oil-related revenue generation.
The National Anti-Corruption Conference, a two-day event held in the capital city of Abuja, concludes today (Wednesday). Attended by more than 80 participants from various parts of Nigeria, foreign nations, and representative bodies, the conference marks the 20th anniversary of the African Union (AU) Convention on Preventing and Combating Corruption, which was declared in July 2003.During the conference, Mr. Femi Falana, a Senior Advocate of Nigeria, highlighted the alarming loss of billions of dollars to oil theft and the failure of oil companies to fulfill their tax obligations over the years. Falana pointed out the absence of sanctions against such behavior, along with the lack of a mechanism to accurately determine the quantity of oil extracted from Nigeria’s onshore and offshore reserves.
In his presentation on “Effective Recovery of Illicit Assets and Blocking Opportunities for Illicit Financial Flow,” Falana emphasized the challenge posed by illicit financial flows in Nigeria, which has been further compounded by the recent devaluation of the country’s currency.
He stressed that corruption becomes more enticing when civil servants struggle to meet their financial needs with their meager salaries.Olanrewaju Suraju, the Chairman of HEDA, expressed skepticism regarding the prospects of a genuine anti-corruption campaign, given the experiences of previous years.
However, he acknowledged the renewed hope generated by the strong determination of Nigerians and the global momentum against corruption. Suraju emphasized the need for constructive engagement between civil society organizations (CSOs) and the new government to establish a framework for good governance.
The urgent task of combating corruption and averting a potential economic crisis now falls on President Bola Tinubu. With reports suggesting that Nigeria loses approximately $60 billion annually to corruption, there is a pressing need to implement effective measures. To this end, HEDA called for accelerated implementation of the whistleblower law, resolution of outstanding royalty payments by oil companies, expedited prosecution of corruption cases through anti-corruption courts, and full implementation of the public procurement law.
The National Assembly was urged to demonstrate Nigeria’s commitment to combating corruption by joining the international Special Task Force on Corruption (SATF), which would facilitate the efficient recovery of illicit funds. Additionally, the retrieval of past oil subsidies, tackling oil theft, recovering misappropriated public funds, and reducing the cost of governance were identified as critical steps in saving the country from a social crisis.
Distinguished individuals and organizations participated in the conference, including Vice President Kashim Shettima, Inspector General of Police Mr. Kayode Egbetokun, National Security Adviser Mr. Nuhu Ribadu (represented by Anthony Oluborode, Special Adviser, Legal Department, NSA), the National Assembly, the Judiciary, the Ministry of Interior, international partners such as the United Nations Development Programme (UNDP), the United States and Dutch Embassies, MacArthur Foundation, World Bank, United Nations Office on Drugs and Crime, labor unions, media representatives, and civil society organizations.
Ribadu, speaking on behalf of the Tinubu-led administration, affirmed their commitment to enhancing the capacity of investigators to strengthen the fight against corruption in the civil service and across Nigeria. He emphasized the administration’s intention to prioritize fiscal expenditures, with a particular focus on curbing excessive spending on government buildings and compensations for elected officials, thereby ensuring transparency in the utilization of funds.
READ OTHER STORIES:
Emefiele Charged To Court, Says DSS
Police Arrest One In Connection With Attack On Apostle Johnson Suleman
Police Arrest One In Connection With Attack On Apostle Johnson Suleman
CP ADEREMI ADEOYE ASSUMES DUTY AS THE 33RD COMMISSIONER OF POLICE ANAMBRA STATE COMMAND
President Tinubu Emerges ECOWAS Chairman
