HOW TO FIGHT ECONOMIC AND FINANCIAL CRIME TO MAKE NIGERIA GREAT BY ADEJARE SODEEQ OLALERE

As every nations of the world strive towards development, corruption has been the most recognizable bane. This confirms the point that nations that top corruption indexes are the least developed ( 2014 Corruption Perception index Results ). Worst still, in these nations corruption is garnished with impunity.

Corruption is not exclusively of 'Developing nations' or 'Underdeveloped Nations preserve', but also, it is a disease that regards growth of our celebrated rich nations. As stated in  a Publication of Global Issues on Corruption: "Around the world, the perception of corruption in public places is very high: But it isn't just in governments that corruption is found; it can permeate through society". This position was given the most striking comments in the case of AG ONDO STATE V. AG FEDERATION 2002 9 NWLR PART 722 222 as thus:

            Corrupt is not a disease which afflicts public officers alone but society as a whole.

Notoriety of corruption in Nigeria polity has earned it judicial notice. It was examined in the case of AG Ondo State v. A.G Federation (supra) by Ogwuegbu, JSC as follows :

            Corrupt practices and abuse of power can, if not checked threaten the peace, order and good government of the Federation or any part thereof.

President Olusegun Obasanjo when he signed the ICPC Act on the 13th June,2000 stated thus:

            With corruption, there can be no sustainable development, no stability. By breeding and feeding on inefficiency, corruption invariably strangles the system of social organisation. In fact, corruption is literally the antithesis of development and progress

It thus becomes obvious that corruption is a menace to societal development. It affects the poor and becomes an act that yield oppressors  happiness. It is noted by Global Issues, in its publication on corruption as follows :

            Corruption affects the poorest the most, in rich or poor nations though all elements of society are affected in some way as corruption undermines political development, democracy, economic development, the environment, people's health and more.

By this, it becomes important to find ways out of corruption. Although it seems obvious that lines of corruption cannot be totally obliterated but can be reduced to some extent.  If not, corruption would continually undermine development and exacerbate social inequality and poverty.

The Way Out of Economic and Financial Crimes

The best way to  proffer solution to a problem is to first identify its causes. Through this, one would know how exactly to fight the problem.

Causes of corruption in Nigeria can be attributed to different reasons among which can be identified as follows:

i) Lack of transparency

ii) Unemployment

iii) Poverty

iv) A culture of selective justice

v) Unjust stratification in Society

vi) Impunity

Having identified these problems, one can rightly proffer solution to these challenges that would cripple economic and financial crime in Nigeria. The challenges can be disarmed by the following means:

1) A culture of transparency:  It can be said that lack of transparency both private and public sector makes corruption (Economic and financial crime) thrive and surge. Professor Neild whole discussing the solution to corruption at the global level stated thus:

            It is hard to see solution other than transparency and criticism. It would take an unprecedented degree of united dedication to checking of corruption for the international community to agree that the oil and mining companies of the world should boycott corrupt regimes somehow defined, let alone manage to enforce an agreement.

2) Punishment of the corrupt: Impunity impedes successful fight against corruption. There are number of cases whereby people found guilty of corruption go unpunished or the punishment is logically not commensurate with the gravity of crime committed. It is my belief that if offenders are properly punished, it would serve the purpose of deterrence to budding or prospective perpetrators.

This can be well achieved by reformation of penal laws. These are among suggestions stated by Ahmed A. Raji, SAN in his article, A corruption Free Society as a catalyst to National Development ISSN0339 VL. 32 2016:

a)  Death Penalty Or Total Forfeiture Of Proceeds of Corruption:  Making punishment of corruption death would deter many people from it or forfeiture of the proceeds of corruption.

b)  Change of the of Burden of Proof: Anyone charged of corruption sued be made to prove beyond reasonable doubts. In TEMPLE NWANKWOALA v. FEDERAL REPUBLIC OF NIGERIA  (2015) AELR 5895 (CA), Barka J.C.A said :

            ...the following ingredients of the offence must be proved, and by Section 135 of the Evidence Act 2011, the proof required is proof beyond reasonable doubt. See John Agbo vs. The State (2007) 2 NCC 158 at 189; Miller vs. Minister of Pensions (1947) 1 All E.R 372. (a) That the accused or offender is a public Officer within the meaning of S.2 of the 2000 Act, (b) That he asked for the benefit of any kind for himself or for any other person in respect of something to be done afterwards, or something already done. (c) That he asked for the benefit in the course of the discharge of his official duties.

 3) By taking the anti-corruption searchlight beyond the Public Sector to Private Sector: The EFCC has tried so much in this respect by doubly fight against corruption both in private and public sector. It is therefore, not surprising that the former Chief Justice of Nigeria Muhammad Lawal Idris in the Supreme Court case of A.G ONDO STATE V. A.G FEDERATION as follows:

            Corruption is not a disease which afflicts public officers alone, but the society as a whole. If it's therefore to be eradicated effectively, the solution to it must be pervasive to cover every segment of society.

4) Improved Working Condition: Its is believed that if working condition of Nigerian workers is increased, there would be a plunge in corruption in the polity. The workers need to be paid handsomely according to their labour and as and when due.

In conclusion, corruption should not be left only to EFCC or ICPC but should be an assumed responsibility of every citizen of the state. We fight corruption by not being a perpetrator of it, and also prompt report of the perpetrators. If corruption is left unsolved, it would throw the state towards abyss of backwardness. It would most certainly cause bad reputation to the state and its citizens, inflation, undue hardship, low standard of living and abject poverty.