By Robert Egbe
A former President of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba, SAN, has advised the Federal Government to consider a two-year moratorium from criminal prosecution in a new, controversial but effective strategy against corruption.
Agbakoba stated this as part of his push for President Muhammadu Buhari to apply development law to lift 200m Nigerians out of poverty.
According to him, development law, if utilised as a public policy tool in key areas, has never failed in any country where it is applied.
He advised the President to apply development law to the following areas: financial services sector, national trade policy, maritime, aviation and space, legal and justice sector, land administration, corruption and social security administration, among others.
“It will transform the economy, create millions of jobs and pull 200 million Nigerians out of poverty,” the Maritime Law expert said.
He said this in a statement titled Legal and institutional restructuring for the next Nigeria.
Agbakoba said: “The war against corruption requires an effective strategy. In addition to the strategy of prosecution, it is suggested to consider a two-year moratorium from criminal prosecution. So legislation may be considered on immunity from criminal prosecution (Moratorium) Act. The Abacha case is now going 20 years with little result. This may be controversial but it is worth considering.”
According to him, the legal and judicial system has experienced legal failure…
“We must give urgency to this sector and reverse legal failure. A speed of justice policy will reduce delays. In this regard, the National Assembly can consider introducing the Administration of Civil Justice Bill to ensure efficient administration of civil disputes,” he said.
The Silk advocated a Financial Services Sector (FSS) consisting of banks, the National Credit Guarantee Agency, a Development Bank and the Central Bank of Nigeria (CBN).
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He said: “The CBN as presently constituted is overburdened with far too many things – monetary policy, banking supervision and banking…A new policy and legislation can unbundle the CBN and create a new agency to regulate banks by ensuring they deliver on core mandate…
“Tied to the FSS is the need for a National Trade Policy to stimulate local industry, grow export and reduce dumping of foreign goods…
“Trade policy on Fly Nigeria will grow Nigeria Airlines, a strong Cabotage Act will grow shipping lines, oil and gas, legal, banking, insurance, shipping etc. If trade legislation is favourable, Trillions of Naira will flow with Job creation in the millions.”
Agbakoba said there is a need to review Nigeria’s Bilateral Investment Treaties (BITs).
He observed that the President is considering an Executive Order to make Nigeria the seat of arbitration but that “while the proposed Executive Order is laudable”, it might not be enforceable.
Agbakoba estimated that Nigeria’s maritime sector is capable of generating 7 trillion naira annually and four million jobs over five years, but that there is a need for “immediate enactment of several critical bills pending before the National Assembly.
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