JPMorgan Chase & Co, has been fined $2.8 million by the Financial Industry Regulatory Authority (FINRA) for violating United States rules on securities trading by customer.
According to settlement papers, JPMorgan failed to properly segregate customer securities from its own assets because of systematic coding and design flaws and a lack of supervision.
The bank will settle charges that a broker-dealer unit lacked sufficient controls to safeguard customer securities from several countries over more than eight years, a U.S. regulator said on yesterday.
The FINRA said the violations occurred from March 2008 to June 2016, and stemmed in part from defective electronic systems that JPMorgan inherited from Bear Stearns Cos, the investment bank it bought in May 2008 in a government-arranged fire sale.
JPMorgan did not admit or deny wrongdoing in agreeing to settle. Brian Marchiony, a spokesman for the New York-based bank, in an email report to Reuters said there were no findings that any client accounts were harmed.
FINRA cited as examples how the improper safeguarding of Italian securities for nearly two years and Nigerian securities for four years created respective deficits of $146 million and $120 million. The fine reflected JPMorgan’s “extraordinary” cooperation in addressing the violations, and its practice of setting aside excess deposits to protect customers from losses, FINRA said.
SIR: The inaugural Global Forum for Asset Recovery held in the District of Colombia has come and gone. I feel a sense of pride to know that some of the modest efforts we put in bore some fruit. Those first fruits came in form of an announcement from the Federal government and its Swiss counterpart that both parties signed agreement for the repatriation of $321million of the loot which the late Sani Abacha stashed in Switzerland. Prior to that announcement, a surprise one came from Nigeria’s number one lawyer, Abubakar Malami, that assets worth N861million from the Malabu deal had been returned to Nigeria.
Only on Friday, December 15, a UK court ruled that an amount to the tune of $85million from the Malabu deal be made forfeit to the federal republic of Nigeria. That ruling in favour of Nigeria is a victory for Nigerians as it will soon make the money available to finance development initiatives in the country. It has come at a time when Nigeria is running a deficit budget and plans to borrow to finance the deficit. What has become evident and which holds true is that in the asset recovery tripod, the negotiations leading to a repatriation of stolen wealth anywhere in the world is much more dicey and sensitive much more than a freezing and seizure of such stolen funds.
There are other asset recovery cases like the Malabu – the Diezani, the Dasukigate and the cases of Nigerians fingered as beneficial owners of offshore companies. These cases are unique in the fact that the usual suspects are here with us. They are not ghosts, and to that extent, they have put the full measure of the proceeds of their crime to bear in the fight to repatriate the monies which they are alleged to have made away with.
I believe that it would take more than political will to recover and repatriate assets from the looters. The current administration must muster the courage to get to the root of all these cases; after all, they promised Nigerians that the fight against corruption was a priority. While the negotiations which led to the Swiss government signing an MoU/agreement with Nigerian government to return $321million, were on, some big questions kept bordering my mind, will the repatriated loot be re-looted as it happened in the past or will it be carefully used to improve the lives of poor Nigerians?
To what extent has the federal government demonstrated the will to apply the fund where it will have maximum impact? Has the framework for monitoring the use of the repatriated look been properly laid down? We need to reflect on these simple but serious questions and if the right thing has not been done, there is still time to do the needed adjustments.
In 2006 when Switzerland returned about $500million of the Abacha loot, it was said to have been factored into the national budget and used for the implementation of projects. But a shadow report by the Nigeria Network on Stolen Assets revealed that some 29 of the 53 surveyed projects hardly met requirements of reasonable degree of completion or sufficient operation. (Peter Lang, 2011). Involvement of CSOs saved those monies from being re-looted. That monitoring framework used at that time involving CSOs, the World Bank and the Federal Government of Nigeria has been hailed internationally as a ‘paradigm for a truly transparency process ’. That justifies why the proper application and monitoring of the $321m is of serious concern to all.
Nigeria is ripe for a proper legal frame work on asset recovery and the Nigerian CSOs at the just concluded Global Forum for Asset Recovery made useful proposition which should be taken seriously. The CSOs urged the Nigerian government to accelerate action on the passage of pending bills – including, inter alia, the Proceeds of Crime Bill – into laws in order to strengthen asset recovery framework in Nigeria. The POCA Bill would actualize the key commitment made during the London Anti-Corruption Summit in 2016. The CSOs also urged the Nigerian government to strengthen, through legislative action, the powers and autonomy of the Nigerian Financial Intelligence Unit (NFIU) so that the unit can operate in consonance with the standards of FATF and the EGMONT group. Channelling all recovered assets to compensate victims of corruption so as to meet the Sustainable Development Goals (SDGs), also came out as a strong recommendation, and the CSOs concluded that the monitoring of the use of recovered assets through a transparent and accountable framework by CSOs and other interest groups was critical.
Bob MajiriOghene Etemiku,
Africa Network for Environment & Economic Justice, (ANEEJ), Benin City.
The Ogun State government has said the state has about 15,000 cooperative societies, with a cumulative asset of over N60 billion.
The government said it would continue to create an enabling environment for cooperative societies to thrive for steady socioe-conomic growth and development.
Commissioner, Community Development and Cooperatives Francis Gbenga spoke at a meeting also marking 100 days of Allied Afro-Cooperative Limited of the Old Students’ Association of African Church Grammar School in Abeokuta, the state capital, Governor Ibikunle Amosun’s alma mater.
Gbenga hailed the cooperative societies, saying they have become better organised and efficient in disbursing loans.
According to him, the era of signing and giving loans to members on “man know man” basis is gone because of an efficient monitoring process.
He said the days when few executives approve loans for friends were gone.
The commissioner advised executives of Allied Afro Cooperative Limited to stick to rules in running the society to ensure its growth, success and survival.
Also, National President, Old Students Association, Adewale Olutayo and National General Secretary, Mrs Tolu Onafowokan said the society was established to cater for “financial and material needs of members.”
The death of Dipo Famakinwa, Director – General of the Development Agenda for Western Nigeria (DAWN), has been described as a tragedy for the Yoruba race and the country.
The Coordinator of Oodua Peoples Congress (OPC), Otunba Gani Adams, said Famakinwa was a great asset to the Southwest and Nigeria. In a statement in Lagos, the OPC leader said: “It is heart breaking to learn about the exit of a special breed Yoruba man who displayed unalloyed personal commitment to integrative development initiative of Yoruba land . It is a tragedy not only for his family but the Yoruba race in particular”
Adams, the convener Oodua Progressive Union (OPU), added: “It is a tragedy .It is sad that death has removed and cut down one of the most deeply intelligent and sound Yoruba young turks from our midst. Dipo Famakinwa was a prominent and accomplished Yoruba ICON who was diligent and thorough at his duty post. A wonderful son of Oduduwa who was blessed with a prodigious native intelligent laced with intellectual soundness. He was a man of yesterday, today and tomorrow combined. Honestly, death has not been fair to the Yoruba race’
Adams said: “Mr Famakinwa was unique in deeds, acts and personal relations. He has this special interest in the development and unity of the Yoruba race and spent most of his life engaging in pro Yoruba development ventures without pecuniary consideration. Honestly, death has not been fair to the race”
He sympathised with the family of the deceased and prayed to God to give them the fortitude to bear the loss of ‘one of the most vibrant Yoruba cultural developers”
Adams called on the governors of the Southwest to immortalise the late Famakinwa who has quietly done a lot of work on the integration of Yoruba state.
He said: “I am using this opportunity to call on the governors of the South West not to let his death being the demise of his persons and works on the face of the Earth. Mr Famakinwa did his best for the region; we should immortalize him, not only for his person but to encourage others. We are missing him. May the Lord grant him eternal Rest! He was a useful personality for the West”
The National Economic Council (NEC) yersterday approved the proposed Nigeria Voluntary Asset and Income Declaration Scheme (VAIDS), which will take off on May 1.
It is expected to yield about $1billion to the Federal Government’s purse.
The Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, broke the news to State House correspondents at the end of the NEC, chaired by Vice President Yemi Osinbajo.
He was joined at the briefing by Abia State Governor Okezie Ikpeazu and Kaduna State Deputy Governor Bala Bantex.
He said the scheme would capitalise on the considerable international goodwill already built by President Muhammadu Buhari in his mission to rebuild Nigeria.
The policy, he said, is necessitated by the under payment of tax via the use of tax havens and other evasion strategies, which he noted had not been helpful to Nigeria.
According to him, the practice has been principally perpetrated by multi-national companies and high networth individuals, making Nigeria to have the lowest non-oil tax to GDP at 6%.
The policy will also capitalise on the current global movement against tax evasion and illicit financial flows. It will offer a window for those who have not complied with extant tax regulations to remedy their position by the provision of limited amnesty to enable voluntary declaration and payment of liabilities.
The VAIDS scheme targets to increase the tax to GDP ratios to 15% from just 6% by 2020 while simultaneously generating revenue and encouraging investment and economic activity “as only 214 individuals in the entire country pay N20 million or more in tax annually”.
On the scope of the programme, Fowler said: “VAIDS scheme will embrace all Federal and states’ taxes, such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education Tax and Technology Tax.
“The scheme is intended to cover all back taxes without any limit to time on how far back a tax assessment can go where a taxpayer has wilfully defaulted.”
The scheme is to run from May 1, for up to six months. There will be incentives to encourage early participation.
“Tax payers will be allowed up to three years to settle their liabilities. Revenue expected from the scheme is conservatively estimated at US$1 billion,” Fowler said.
On the role of state governments, the FIRS boss said based on initial estimates, at least 50% of the funds recovered will belong to states who are the ultimate collectors of personal income taxes.
Bantex said the National Security Adviser (NSA), Babagana Munguno, briefed the Council on the security situation in the country, with particular reference to the Boko Haram insurgency in the Northeast, cattle rustling, ethnic militias/security outfits and kidnapping, among others,.
According to him, the NSA blamed the situation on unemployment, which he described as a major security threat.
The Council, according to him, agreed to hold an extraordinary session to discuss security matters, especially as it has to do with the economy.
Ikpeazu, who spoke on deforestation, said the Council backed the suspension of wood export.
It was also disclosed that NEC received a report of Excess Crude Account as at 15th March, 2017, which stood at US$2,45,864,724.59, recording a marginal increase of US$2,458,382,882.03.
The Federal Government yesterday said it has not taken any decision to sell any national asset.
Minister of Budget and National Planning, Sen Udoma Udo Udoma appealed to those opposed to the planned sale of some national assets to exercise patience with the government “as the government is yet to decide on assets sale in its stimulus package.”
Udoma made the disclosure in Abuja at the 57th Annual Conference of the Nigerian Economic Society (NES) where he stated that the idea of selling national assets “is just a proposal within the stimulus package of the Federal Government to scale up revenue but is yet to be finalised or even agreed on.”
The minister said government will consult widely and hear views on the cost and benefit of the planned sale before any such decision will be made.
He said the administration has several packages and plans that will ensure that Nigeria comes out of the current recession soon and stronger. One of such packages he noted is the stimulus plan to borrow from the World Bank, African Development Bank (AfDB) and the China Exim Bank.
Fitch International, one of the foremost global rating agencies, has again adjudged Guaranty Trust Bank (GTBank) Plc and United Bank for Africa (UBA) Plc, and upgraded its ratings for the two Nigerian leading banks, citing the banks’ strong earnings and asset quality.
In its latest Rating Report, Fitch indicated that GTBank remains one of the top two rated banks in Nigeria. Fitch revised the outlook on the GTBank’s long-term issuer default rating (IDR) from negative to stable, citing the bank’s continuing strong earnings, and stronger-than-expected liquidity as the reasons for the revised outlook.
Fitch Ratings also affirmed GTBank’s long-term issuer default rating (IDR) at ‘B+’ with a stable outlook and short-term IDR at ‘B’. In addition, the agency affirmed the bank’s viability rating (VR) at ‘b+’, support rating (SR) at ‘4’ and GTB Finance BV’s senior notes, guaranteed by GTBank was affirmed at ‘B+’/’RR4′. Fitch revised the bank’s support rating floor (SRF) to ‘B’ from ‘B+’ as a result of the sovereign’s weak foreign currency position.
The IDR rating and outlook reflects Fitch’s opinion of the bank’s relative ability to meet its financial commitments and GTBank’s rating of B+ remains the highest credit rating in the industry. The viability rating (VR), which is a component of the IDR measures the bank’s intrinsic credit quality and capacity to maintain ongoing operations and to avoid failure.
The report showed that despite the tough operating environment, GTBank remained strong and stable as indicated by its profitability track record, healthy liquidity state, strong asset quality and capital ratios.
Also, Fitch affirmed UBA’s viability rating at “B” as the pan-African banking group continues to sustain its benchmark asset quality and strong profitability amidst industry and macroeconomic challenges. UBA is one of the few banks with strong risk management framework, which has helped keep non-performing loans ratio at a moderate level of 1.74 per cent as at the end of March 2016, as against industry average of more than six per cent, as reported by Fitch.
Fitch also upgraded UBA’s outlook to stable from negative, thus reinforcing the strong outlook on the bank, especially as its diversified network across eighteen other African countries makes it relatively immune against the potential cyclical volatilities in any of its country of operations.
The upgrade came as Nigeria’s foremost local rating agency, Agusto & Co, upgraded UBA’s rating from “A+” to “Aa-”, with a stable outlook, citing the bank’s improved capitalisation, good liquidity and large pool of stable deposits, strong domestic presence supported by the bank’s extensive branch network and growing alternative banking channels.
A major element of success in life is not having assets but becoming an asset. To become an asset, you have to keep learning. According to D. A. Benton, the author of How to Act Like a CEO, “Every day that you aren’t getting stronger and better, you’re getting weaker and worse”. Where you are now and what you can do are functions of your current level of knowledge and skill; if you want to do better, you have to add something extra. The tragedy of life occurs when people don’t want to give up their leisure, yet they want to be rich or great; students don’t want to study extra hard, yet they want to pass. You must be willing to give up something for your dream. John Maxwell puts it this way, “There are two paths people can take. They can either play now and pay later, or pay now and play later. Regardless of the choice, one thing is certain. Life will demand a payment”. Here are a few things you should know about learning:
You can’t bring something out of nothing: as far as information is concerned, you can’t give what you don’t have. There is an African saying that what you don’t know is superior to you. That is why some people get results sooner than some others- they know what others don’t know. If you find yourself struggling at a spot and you find it impossible to make progress, you probably need to acquire more knowledge.
Don’t get over confident: it is dangerous to claim to know too much too soon. When you believe you know all there is to know, then you have achieved all there is to achieve. The quest for more knowledge is what leads to progress. It is impossible to learn from a teacher you are superior to. The moment you consider yourself superior to all, the learning process in your life has ended.
Have a deposit policy: you must decide to consistently feed your mind with the kind of information that can create the kind of future you want. Whatever you want to achieve, some people have gone ahead of you; why not learn from them so that you can surpass their records? It is from the abundance of the heart that the mouth speaks. Asleigh Brilliants states that “Learning a little every day soon puts you far behind whoever is learning a lot every day”. What, then, is the fate of someone who does not learn at all?
Protect your mind: my favourite book says that above everything you can ever guard in your life, guard your heart because from it flows the wellspring of life. Why do people guard their money, houses, jobs, etc, and they leave their hearts unprotected? Why do people read things, watch things and listen to things that corrupt, distract, depress or discourage them? Whatever seed is planted in your heart manifests in your life and around you. If you want to find out how you arrived at where you are today, evaluate what you have been feeding your mind on.
Be flexible: some of my students have asked me over the years, “Why do we go to school if we don’t always end up practicing what we studied in school?” I usually tell them, “we may not teach you what you feel you need to know but we teach you how to source for information, interpret it and use it to solve problems- a skill you can apply to whatever you choose to do in life”. There is no “once-and-for-all” information in life, we must keep learning. According to Alvin Toffler, “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn”.
SIR: The Committee For The Defence of Human Rights (CDHR) has noted with deep interest the directive issued by the Comptroller General of the Nigeria Customs Service, Col. Hammed Ali (Rtd) mandating officers and men of Nigerian Customs Service to declare their assets or face sanctions within a 14day time frame.
This is a welcome development which can promote the culture of transparency and accountability but above all institutionalize the fight against corruption in Nigeria. Such measure pursued by the Nigerian Customs will certainly secure the integrity of the organization which is pivotal in the revenue generation strategy of Nigeria.
To be sure, the directive as issued by the Comptroller enjoys full legal backing pursuant to the BANK EMPLOYEES (DECLARATION OF ASSETS) ACT CAP B1 LAWS OF THE FEDERAL REPUBLIC OF NIGERIA 2004 and will certainly boost the anti-corruption crusade in Nigeria.
In the circumstance, we call on other heads of parasatals and agencies of the Federal Government particularly the Governor of the Central Bank of Nigeria to issue similar directives to their employees in a concerted effort to deepen transparency and accountability in Nigeria. This is clearly the purpose of Section 12(2) of the Act which empowers the President to direct by an instrument published in the Federal Gazette that the provision of this Act be applied to any other person, class employees institution or bodies either in the private or public sector of the Nigeria economy. You would recall that the on-going trial of CBN staff at Ibadan for fraudulently converted billions of Naira meant to be disposed as “disuse” became possible partly due to the non-implementation of this Act.
We will mobilize the Nigeria people towards compliance with this demand just as much as it will monitor the punishment of offenders under Section 8(1) of the Act particularly the forfeiture of assets not declared pursuant to Section 8(2) of the Act.
It is hopeful that such initiative development when properly practiced will set the tone needed to invigorate the fight against corruption in Nigeria.
Nigerians on September 3, 2015 woke up to new realities as details of the assets of the President and Vice President, Buhari and Osinbajo were unveiled to the public through public declaration of their assets. The assets are as declared before the Code of Conduct Bureau (CCB) on assumption of office on May, 29. The development implies that the two officials took a step higher than what the law prescribes in causing publication of assets already declared to be made in the newspapers.
Buhari
According to the report, details of the President’s assets declared publicly include: Less than N30m cash; one Union Bank account; shares in Berger Paints, Union Bank and Skye Bank; five homes in Daura, Kaduna and Abuja; two plots of land in Kano and Port Harcourt; Farms, an orchard and a ranch; 270 head of cattle, 25 sheep, five horses, birds, trees; Cars, two of which he bought from his savings and the others supplied to him by the Federal Government in his capacity as former Head of State.
Osinbajo
The Vice President’s assets include: N94 million and $900,000 in his bank accounts; 4-bedroom residence at Victoria Garden City, Lagos and a 3-bedroom flat at 2 Mosley Road, Ikoyi, a 2-bedroom flat at Redemption Cam and a 2-bedroom mortgaged property in Bedford, England; Law firm, known as SimmonsCooper; Shares I Octogenerium Ltd., Windsor Grant Ltd., Tarapolsa, Vistorion Ltd., Aviva Ltd., MTN; Infinity SUV, Mercedes Benz and a Prado Jeep.
The public declaration of assets by the President and the Vice President is significant for several reasons. First, having made the issue a subject matter of campaign during the build up to the last presidential elections, the gesture may have been an indication of promise kept. I recall that in an interview I granted to The Guardian on Tuesday June 9 2015 tittled: “Buhari, Osinbajo will make asset declaration public” I responded to anxieties about the prospects of the President and the Vice President declaring their assets this way.
“We must proceed from the premise of what the law stipulates, which is to the effect that they are expected to declare their assets. The law did not stipulate that those assets should be publicised, the assumption being that once declared, it is in the public domain. Whoever is interested should go and apply for a certified trued copy from the code of conduct bureau. But in the light of the present circumstance, on the strength of the integrity and antecedent of Mr. President and his vice who rode to power on the integrity ticket, with the well-known incorruptible posturing of both men who have zero-tolerance for corruption, my expectation is that they should take a step further by causing their asset declaration to be made public. My view is that they are going to do that. I am 100 percent optimistic that they would cause the asset declared to be published. My optimism arises from my knowledge of the personalities involved, particularly the vice president, who has a record of integrity in public service and values his reputation. I would implore the civil society organisations to be patient with the new leadership because they are just settling down and there are a lot of issues to be grappled with. Let us see what is going to happen in their first 100 days, because they have said within this period, they are going to make their asset declaration public. I think we should not stampede them and invest faith in their credibility and integrity. They have done what is required of them, legally speaking. They cannot publicly declare such assets without complying with the formalities prescribed by law, which is what they have done now. Having declared and submitted their forms to the code of conduct bureau, let us wait for further policy pronouncements of what they intend to do. I believe it is rather premature to think that they are trying to shy away from declaring their assets publicly. I happened to be in a public function, where the vice president assured that beyond what the law stipulates, such asset declarations would be published in major national newspapers. I know he is a man of his words. So, those criticising them should keep their gun powder dry and let’s wait for few more weeks”.
Wahab Shittu
On a personal level, I feel fulfilled that the two topmost public officials in the country have kept their promises, meaning that the optimism that some of us expressed have not been betrayed. The word of a gentleman ought to be a bond.
Beyond keeping of promises, the gesture must also be considered and analysed against the background of international experience of asset declarations with a view to determining whether our country can also draw useful experiences from best practices in other climes.
Undoubtedly, asset and interest disclosure has become a key global anti-corruption issue. In the light of the clear agenda of Mr. President on the basis of which he rode to power, this public declaration of asset is one clear signal that this administration is really serious and committed to its anti-corruption campaign. If the number one and number two citizens have declared their assets publicly, what prevents any other public official from not following this worthy example? It is also important that this declaration is coming before the appointment and constitution of the cabinet ministers. My expectation is that all appointed ministers and other categories of public officials now have heavy moral and legal responsibilities to publicly declare their assets. There can be no excuses for non-compliance. Indirectly, the President and Vice President may have started the war against corruption on a very solid and bright foundation.
The understanding is that the asset declaration represents a veritable tool for transparency in governance – an important hallmark of the democratic tradition.
The international community considers asset declarations as a tool for transparency. This is evidence by its inclusion in the UN Convention against Corruption, which notes that:
“Each State Party shall endeavour, where appropriate and in accordance with the fundamental principles of its domestic law, to establish measures and systems requiring public officials to make declarations to appropriate authorities regarding, inter alia, their outside activities, employment, investments, assets and substantial gifts or benefits from which a conflict of interest may result with respect to their functions as public officials”
The understanding is that “regulations concerning the disclosure of assets and interests can help prevent conflicts of interest among public office holders. Disclosure of information on private interests increases the transparency of decision-making processes, and thereby lays the foundations for the accountability of office holders for their actions. The disclosure of assets helps to provide a baseline and thus means for comparison to identify assets that may have been corruptly acquired and that a public official may legitimately be asked to account for. A good disclosure system can, further, be the basis for successfully enforcing criminal and other legal anti-corruption provisions”.
Best Practices – Country Examples
International best practices on asset declaration vary from country to country depending on the legal regime and the emphases placed on combating corruption by the authorities. While some countries prefer to restrict the disclosure requirement to senior office holders or those in sensitive positions, others require the declaration of interests of less senior public officials more generally, with some also requiring information about the assets of public officials’ spouses. Few countries, however, require asset disclosure of public officials at all levels. Examples of countries in this category include: Belarus, Brunei Darrussalam, Colombia, Egypt, Greece, Guatemala, Iraq, Italy, Lebanon and Malaysia.
This underscores the seriousness of asset declaration. Nigeria’s latest example is a clear indication that our country is ready to implement the international code of conduct for public officials – a commitment which has long been established as the main objective of UNESCO Commission on Crime Prevention and Criminal Justice which publishes a yearly report of the Secretary-General on the implementation of the international code of conduct for public officials. One clear recommendation to be made is the need to comply with international best practices. A few examples of how some countries have addressed this challenge would make the point being made clearer.
Albania
In Albania there is a Revised Asset Disclosure Law approved by the parliament on the strength of the agitation by the Albania Coalition against Corruption. It took over one and a half years to convince the government that drafting a new law was a necessary element to the reduction of corruption in public finance. The model may be useful in reforming our law in this area particularly areas that would streamline remuneration packages available to our parliamentarians with a view to ensuring reduction in the cost of governance – a popular clamour in our society today. The Albanian experience was informed by research findings indicating the lack of transparency of financial disclosures by public officials. The Albania’s law recognises that all declaration be made public; a reduction of the number of senior officials and the family members required to declare assets from 11,000 people to 3,500. The legislation also expects members of families of public officials to also declare their assets particularly those who have access to public funds.The law is enforce by an independent body call the High Inspectorate, responsible for the enforcement of the law.Is Nigeria ready for such a model?
Liberia
In Liberia there is a model for combating political corruption through asset disclosure which shows how effective asset disclosure can lead to public accountability the National Election Commission (NEC) in Liberia is actively involved. This means political parties and candidates contesting elections publicly declared their assets. These declarations were made available for public scrutiny via the NEC website and written about widely in the press. The electorate thus had an opportunity to make more informed decisions at the polls and to hold the winning candidate accountable in the future.
Papua New Guinea and Taiwan
In Papua New Guinea and Taiwan the role of Ombudsmen in monitoring asset declaration is emphasized. These are two countries where the ombudsman can review and monitor declarations of income and assets made by senior public officials. The ombudsman is an office independent of government with the investigative capacities to examine the contents of financial declarations. This model can avoid the necessity for establishing other independent mechanisms specifically for monitoring financial assets. Is Nigeria looking in the direction of creating the office of the ombudsman?
Tanzania
In Tanzania, “the Tanzania Governance Notice board collates and presents information that is useful for the strengthening of accountability, transparency and integrity in Tanzania. Key statistics, including budget data, audits and other governance related indicators, have been gathered in the TGN database. Though the noticeboard doesn’t explicitly collect information resulting from asset/wealth disclosures, it is interesting as an example of an IT platform sharing a range of financial information to enhance transparency and accountability”. The Tanzanian model emphasises the use of data compiled through means of notice board. Can we share this experience?
Useful Lessons
Our parliamentarians can borrow from the UK experience. In the UK the house of commons has set up a register of interest in May 1974 maintained by the parliamentary Commissioner for Standards as laid out in the House of Commons Standing Order No. 150. “The purpose of the register is to encourage transparency and accountability. It is “to provide information of any pecuniary interest or other material benefit which a member receives which might reasonably be thought by others to influence his or her actions, speeches or votes in parliament, or actions taken in the capacity of a Member of Parliament”3. The register is not intended to be an indicator of a member of parliament’s personal wealth, nor is registration an indication that a member is at fault”.
Transparency
Transparency is also promoted by the obligation on members to declare in parliamentary debates or proceedings and dealings with other members, ministers or public servants, all interests, whether registrable or not and including indirect, past and future interests which are relevant to the business in hand. While the obligation to register outside employment, sponsorship, property and shareholdings is absolute, in respect of other gifts and benefits the requirement is only to register those interests which in any way arise out of membership of the House of Commons. In line with this principle, the interests of spouses, partners and dependent children are registrable only if they arise out of their relative’s position as a member, or if they are held jointly with, or by, the member. The interests which are to be registered are set out in the “Code of Conduct and Guide to the Rules relating to the Conduct of Members”.
Interests are registered under the following 10 categories: Remunerated directorships; Remunerated employment, office, profession etc; Clients; Sponsorship or financial or material support; Gifts, benefits and hospitality (U.K.); Overseas visits; Overseas benefits and gifts; Land and property; Registrable shareholdings and Miscellaneous and unremunerated interests
Senate and House of Representatives
Our Senate and House of Representatives can draw useful experience from the model and compliment the Buhari administration’s resolve to fight corruption through transparency and accountabilities.
United States of America
In the USA there is a window established by the Centre for Responsive Politics emphasising personal Financial Disclosures Database. “The Centre for Responsive Politics is a non-partisan, non-profit research group based in Washington, D.C. that tracks money in politics, and its effect on elections and public policy. The centre conducts computer-based research on campaign finance issues for the news media, academics, activists, and the public at large. The centre’s work is aimed at creating a more educated voter, an involved citizenry, and a more responsive government…the centre has devised an innovative way of communicating information via the internet on the assets of political representatives – a searchable, online database that can be sorted by various categories”.
Conclusion
In conclusion, there is need for Nigeria to embrace international best practices on asset declaration by our public officials. Drawing specific examples from Albania, Tanzania, Papua New Guinea and Taiwan, Liberia, UK and United States among others the following measures may be considered: 1. Extending asset declaration to members of families of public officials 2. Instituting a code of conduct on asset declaration for our parliamentarians 3. Setting up the office of the ombudsman to monitor and enforce compliance 4. Creating a register of interests to be rigourously enforced by our parliamentarians 5. Other measures depending on the model being adopted.
Next to public declaration of assets is the need to insist on code of conduct for public officials. Whether for parliamentarians or public officials, codes of conduct help to build an atmosphere of ethics. For government officials, they offer a clear, concise frame of reference for an institution’s ethical principles in a single document.
Within a government, codes of conduct strive to decrease corruption and increase accountability among public officials – whether elected or appointed. The aim of these codes, which may be voluntary norms or legally enforced, is to make sure that the public’s interest is protected. When designed well, codes of conduct offer clear ethical standards and a reference point which citizens and governments can use to assess the behaviour of public officials. Codes of conduct typically are combined with sets of penalties and other punishments for public officials found to be in violation of them.
No doubt asset declaration by our President and Vice President is a step in the right direction. We can now say that the war against corruption has actually started.
