By Chioma Onuegbu, Uyo

THE House of Representatives Committee on Anti-corruption and the Independent Corrupt Practices and other Related offences Commission, ICPC, have intensified their collaboration to see how corruption in the country, especially money laundering could be mitigated.

Chairman of the House Committee, Shehu Nicholas Garba, expressed concern that corruption was one of the greatest challenges in Nigeria.
He said it accounts for the country’s underdevelopment.

Garba, who spoke at a two-day capacity building retreat for National Assembly, and ICPC Board and Committee of directors, yesterday in Uyo with the theme: “Corruption, Illicit Financial Flows, and Financing for National Development” commended the effort of the ICPC in the corruption fight

He described the retreat which was designed to sensitize stakeholders on the need for them to contribute ideas needed to mitigate and corruption and its impact on the society any retreat organised by the ICPC as a very, very serious business.

His words, “Corruption perhaps is one of the greatest challenge that faces Nigeria as a country. It has deprived us of development, it has deprived the citizenry of basic services and opportunities, destroyed all institutions, and has accounted for what we are now facing as a country, the challenge to our national existence, the disintegration we face.

“I think we need to commend the ICPC for what they have been doing over the years. Without really singing their song, everybody will agree that the ICPC over the past, four, five years has brought itself to national consciousness in terms of the progress they are making.

“Everybody is aware of their accomplishment. And they have not rested on their oars, they have continued to break new grounds. The emphasis in the last couple of years has been in the area of constituency projects, we have began to see them delve into executive projects.

” And we want to see them also direct their tentacles to the Judiciary, because there is no sphere of our national life that is free of corruption. We need to also encourage other agencies who are in the same sphere to up their game”

Garba who urged all Nigerians to collectively fight the scourge of corruption, otherwise all would be consumed by it, noted “We have to wake up because we are already beginning to get consumed”

He however, noted that Nigeria clearly require leaders at all levels that would provide leadership, stressing that the kind of leadership the country has determines the kind of successes that it will record not just in the fight against corruption but in any sphere of life.

“And this leadership must manifest itself right from top to the lower level. We require great leaders that will provide leadership; leadership that will not be scared to apply the Law , leadership that will not be wary of taking hard decisions.

“I think that is what is lacking and that is why we must continue to preach. We must begin to see people setting example right from the top to the lower level. The 9th National assembly has made the fight against corruption as one of critical aspect of its agenda and we must live by example”, Garba said.

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Speaking, Chairman of the ICPC, Prof. Bolaji Owasanoye (SAN) explained that the 2021 retreat focuses on some areas that many legislators may not be familiar with such as the negative effects of Crypto-currency, and the effect of Illicit Financial Flows (IFF)

He stressed that besides helping the ICPC communicate its challenges, the interface would help the Lawmakers have understanding of their role, and what to do if there is need for a regulatory intervention,
and to make up their mind after listening to other stakeholders whether they want to intervene or not.

“At this retreat we are looking at some areas that many legislators may not be familiar with, like the impact of Crypto-currency, effect of Illicit Financial Flows, and all that. So you can finance an illegal activity and it will be difficult to trace the wrong doing to you. There are positive aspect of it of course, I admit, but there are also negative aspect of it.

“Corruption happens in different ways and there are emerging trends.This is what are looking at, to see how we can do our job better in diminishing corruption, through focus on these emerging trend. Digital assets are not easily traceable. It is very clear to us as Law enforcement agency, that there are connecting points.

“We have people who have used digital assets and currencies to commit huge corruption, money laundering.So some of those things happen because of gaps in the Law and absence of a regulatory framework. We hope that this years retreat also will be impactful”

The retreat featured paper presentation on “NationalSecurity and the Opportunity cost of Corruption”, by Prof E. Alemka of PACAC University’of Jos and “Understanding Crypto-currency , money laundering & Terrorists Financing threats”, by Mr. George Tyendezwa, of Federal Ministry of Justice, and IFF Typologies-Trade, Tax and Oil by Prof. J. A Aremu, Covenant University consultant.