By Prince Osuagwu

Captain John Okakpu has asked the Federal Government to grant amnesty to looters and use recovered funds to revive the economy.

An aviation expert and Managing Director/Chief Executive Officer of ABX World Nigeria, Captain John Okakpu, has canvassed for amnesty to treasury looters by the Federal Government, as means to repatriate looted funds lodged in several banks overseas.

Okakpu, who is also an agro-export enthusiast, said as coronavirus (COVID-19) pandemic takes heavy tolls on the oil price, threatening Nigeria’s 2020 economic outlook, the Federal Government should urgently consider this option to recoup funds to shore-up dwindling economy.

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He made similar calls in 2016, stressing the need to diversify the nation’s economy and invest in other sectors, which provide added value and more disposable revenues to the underemployed and vulnerable.

He said since looters will always make it difficult to recover the monies they stole, even with the threats of Economic and Financial Crimes Commission, EFCC, the best approach would be to dangle amnesty carrot on all identified loots as long as their owners would part with a percentage of it.

He said looking at the COVID-19 pandemic and the fact that the 2020 budget was designed to be funded, largely, by foreign borrowing especially for the capital projects, such resources as the looted funds are now important and critical to efforts of President Muhammadu Buhari’s administration in developing the country.

He said: “The nightmare of the crude oil and the fact that you now need to pay buyers to patronise you, tells us that oil boom is gone. Oil is trading in Canada at negative; that is USD$-0. Where do we run to?

“So, if you consider different reports indicating that billions of dollars in looted funds are warehoused in foreign accounts, then, we need to find means to bring these funds back; keep them in our local banks and give them out as loans to farmers, SMEs/start-ups, manufacturers and others on a single-digit interest loan. This way, our economy will survive.

“In the face of the global slump in the price of crude oil in the international market, many economies are constantly looking for ways to diversify rather than depend on crude oil.

“Nigeria’s economy in the past years has rather been one dimensional, thus earning the sobriquet mono-economy. While many Nigerians have diversified into real sector, the agro-allied sector is however the new cash cow.

“At least, from every indication we have to go back to the era of agriculture in a large scale to feed and export to earn forex.”

In addition to granting amnesty to looters, Okakpu advocated the need for an agro-based economy, Okakpu said the Federal Government, as a matter of urgency, should initiate policies that would stimulate the export of agricultural products.

He said the agro sector has the capacity to generate billions of dollars, annually if properly harnessed.

For him, the promotion of farm produce for export by air could create millions of jobs for youths across the country; that is as current global realities have made it imperative for governments to be more creative in exploring other sources of revenues rather than depending on crude oil.

He, however, called on both the executive and legislative arms of government to work harmoniously on a bill to provide cover for looters, who are ready to repatriate the stolen funds within one or two years, and death penalty on those who refuse to comply.

He said the goal should not be to name and shame, rather to provide assurance that within two years, there will be no trials for those who comply.

Vanguard