The Nation Newspaper

Tag: Corrupt officials

  • NSE to ‘black list’ corrupt officials

    THE Nigerian Stock Exchange (NSE) is to open a “Blacklist” for corrupt persons and indicted officials who are deemed unfit to engage in the stock market.

    In a new amendment to the rules at the Exchange, the NSE has been mandated to open a “blacklist” for  recording corrupt persons.

    The amendment, approved by the Securities and Exchange Commission (SEC) this month, strengthens the Exchange’s intolerance for infractions and places greater responsibility on capital market operators.

    Those to be blacklisted include anyone who the Exchange determines that he or she no longer entitled to privileges, services, recognition or access to the Exchange and its facilities as well as those not permitted to deal or transact with or be employed by a dealing member or person.

    The rule applies to dealing member, an authorised clerk, an employee or director of a dealing member, a sub-broker, or any other capital market operator.

    According to the rules, any person blacklisted by the Exchange may, however, apply to the Exchange for reinstatement after the expiration of the blacklisting period imposed by the Exchange; or where the blacklisting is not for life, a reasonable period has elapsed where no period is specified by the Exchange.

    Any person applying for removal from the blacklisting and reinstatement into the capital market must “provide compelling reasons” in support of his or her application.

    The Nation’s check at the weekend indicated that 17 persons, who had earlier been indicted and earmarked as blacklisted would form the first batch of the “Blacklist”, including three persons that were indicted of fraudulent transactions in 2018.

    A source said the institution of a  “Blacklist” was meant to strengthen the hands of the Exchange in its fight against unauthorised sales of investors’ shares and diversion of proceeds by capital market operators.

    A check indicated that about 90 per cent of the existing blacklisted persons were due to unauthorised sales of client’s shares. Other ranking crime was manipulation of the market or share prices.

    The Nation had recently reported that the Economic and Financial Crimes Commission (EFCC) is investigating about 35 fraud cases at the Nigerian capital market.

    Although the full details of the cases could not be disclosed due to legal confidentiality and ongoing investigations, a review of the preliminary findings indicated that most cases relate to fraudulent sale of clients’ shares and diversion of clients’ funds, impersonation and false representation of products and services.

    Already, EFCC is pursuing about five cases in court, in collaboration with the Nigerian capital market authorities. The anti-corruption agency had successfully prosecuted a case that led to a seven-year jail sentence and forfeiture of assets of a former managing director of a stockbroking firm.

    The NSE-through its Disciplinary Committee and Securities and Exchange Commission (SEC)-through its Administrative Proceedings Committee (APC) run an active investigative mechanism that seeks to uncover malpractices, sanctions indicted operators and restitutes affected investors. However, both NSE and SEC lack prosecutorial powers.

    Capital market authorities had bridged the gap between their investigative powers and prosecutorial powers through Memorandum of Understanding (MoU) with the EFCC, which allows the organisations to collaborate on information sharing, investigation, prosecution and enforcement.

    The Nation had confirmed that there has been more than 100 per cent increase in capital market cases under investigation by the EFCC after last year’s meeting between the Acting Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu and Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema and other top executives and stakeholders at the stock market.

    SEC and EFCC had earlier in January 2017 signed a Memorandum of Understanding (MoU) that formally established the alliance between the two Commissions. The MoU seeks to promote the efficient investigation and conclusion of all cases reported by either of the institutions to each other and to promote the integrity, efficiency and soundness of the Nigerian capital market and the economy in general.

     

  • Why corrupt officials must get stiffer penalty, by don, others

    The Ikorodu Branch of the Nigerian Bar Association (NBA) has held its 2018 Law Week. The highlights were the 12th annual lecture held in honour of Asiwaju Babatunde Olusola Benson (SAN), a former NBA president and General Secretary, and award night where notable members of the bar and the bench were honoured. ADEBISI ONANUGA reports

    The 2018 Law Week of the  Nigerian Bar Association (NBA) Ikorodu Branch has come and gone, but its memory lingers.  The major event of the week was the annual lecture, delivered by a reknowned Professor of Economics at the Olabisi Onabanjo University (OOU), Ago Iwoye, Ogun State, Sheriffdeen Adewale Tella.

    The lecture was in honour of a former NBA President and General Secretary, Asiwaju Babatunde Benson (SAN). It held at the Ikorodu Town Hall.

    The professor of economics, who advocated stiffer punishment for corrupt officials, in his lecture titled: Moving Nigeria from recession to prosperity: The Trajectory of the Nigerian Laws, said although Section 98 of the Criminal Code prescribed seven years for corrupt officials, it was, however, not enough to deter people.

    He emphasised that “it is definitely not commensurate with the toll corruption takes on the Nigerian economy”.

    According to him, despite the seven years imposed by the Criminal Code, the country has continued  to witness many cases of corruption, which has made the public to lose hope, reduction of penalty on offenders, and imposition of lesser punishments on convicted corrupt persons as well as the use of plea bargain.

    Although death penalty for corrupt officials as it operates in China, he said, may be too extreme, he, however, pointed out that the legislature must take the responsibility of imposing stiffer punishments on corrupt officials.

    He emphasised the need for the country’s laws to be implemented to the letter to curb corruptions. The punishment for corruption, according to him, must be made stiffer. “Corruption is a very serious offence. It has the power to cripple the economy,”he said, adding that it would be a miracle for the country to move from economic recession to prosperity because of the laws being operated cannot promote economic development.

    According to him, the National Assembly takes the issue of monetary and fiscal policies, which are the planks for development, with levity, noting that budget considerations and approval have not been taken with seriousness it required, particularly in the last four years. He added that “timely implementation of annual budgets has positive link with economic development and promotion of an affluent society”.

    Chairman and Chief Executive Officer (CEO), Red Bricks Homes Limited (Amen Estate), Ibeju-Lekki, Mr Babatunde Gbadamosi, who was the main discussant, adduced the reasons for the nation’s economic recession to loss of confidence in the system, the inability of the authority to provide sound fiscal policy and the judiciary to be fair, just and independent.

    Insisting that the country is not yet out of recession, Gbadamosi said the nation’s recession was self inflicted and could have been avoided in fiscal terms and management of the economy.

    “For the last two years, there have been undue interference in monetary policy issues by the government, leading to self induced recession,”he said.

    He advised the authority to stop abuses of monetary policies at the highest level, noting that “the authority cannot explain why dollar has remained static in Nigeria and while the pound sterling, which has been falling in other countries, remains high in the country.

    To Gbadamosi, the task before the legislature is to pass laws that will reduce the burden of the economy on the masses stressing that “if something is not done now, we might witness the collapse of the Nigerian economy”.

    He took a swipe at the legislators, who he questioned for earning N13 million every month without any consideration that the allowances do not reflect the realities of the nation’s economy.

    The public procurement law, according to Gbadamosi, is vague in Nigeria, emphasising the need to re-examine it to make it work for the country.

    Earlier in his welcome address, Ikorodu NBA chairman, Levi Adikwaone appealed that the judiciary should review its position on the  judicial seal and some grey areas inhibiting access to justice. hE also made a case for more High Court judges in the Lagos State Judiciary to reduce workload of the present judges.

    Adikwaone, who noted efforts of Lagos State Chief Judge, Justice Opeyemi Oke, geared at ridding the judiciary of corruption, reorganising and repositioning the judiciary, promised his members support to bring change and advancement to the judiciary.

    He said what followed the introduction of the Land Use Charge should be a lesson to all, pointing out that “people will not oppose a good tax regime, but with so much poverty, economic recession, loss of jobs and income, among others, the people are likely to resist a government that is demanding more than what it is providing from its citizens.

    Justice Kazeem Alogba performed a satirical presentation of court proceedings on law of evidence, while Chief Magistrate Makanju Oshodi decided the proceedings in favour of Asiwaju Benson. According to Alogba, Chief Benson has served humanity very well, urging lawyers to emulate him.

    The Ayangburen of Ikorodu, Oba Kabiru Shotobi and the Adeboruwa of Igbogbo Kingdom, Oba Semiudeen Kasali thanked God for Asiwaju Benson’s life.

    Lagos State Attorney General and Commissioner for Justice, Adeniji Kazeem was represented by the Solicitor-General, Funlola Odunlami at the event while the NBA President, Mr Abubarkar Mahmoud(SAN) was represented by the 3rd Vice President, Ben Oji.

    At the Bar Dinner, which climaxed the one week programme, were dignitaries such as the Majority Leader, Lagos State House of Assmbly, Chief Senai Agunbiade, who presented the Dinner Talk. The dinner held at the Musical Village, off Obafemi Awolowo Road, Ikorodu.

    Hon Agunbiade, while giving the Dinner talk, urged members of the Ikorodu Branch of the NBA to continue to adhere to the ethics of the profession and the entrenchment of the rule of law in the society. He said if other professions are collapsing, the only profession that should remain standing to rebuild the society is the legal profession.

    He expressed concern on corruption in the judiciary and urged members to refrain from the vice, adding that, “if there is no giver, there can be  no taker. There will be no corruption in the judiciary if we as lawyers don’t participate in it”.

    He, however, raised some posers for the bar: “What is our estimation in the eyes of the ordinary man on the street? Are we still perceived as it was in the past? Can there be corruption without our pparticipation? Ethics at the bar, do we still have respect for our seniors?”

    The lawmaker, who noted that notices were served on the bar whenever a new law is to be made, also questioned the lawyers on their failure to participate actively in the process of law making in the state House of Assembly.

    He stressed the need for the bar to always uphold the ethics of the profession even in the face of difficulties, adding that the entrenchment of the rule of law is an agenda they must all pursue as professionals.

    Kazeem said the theme of the law week was apt and fitted into government agenda to make the state economic nerve centre of the country. He said the state will not relent in its effort to ensure the rule of law and order in the society and ensure a vibrant economy.

    “As lawyers, we must not forget that ours is a noble profession. We must not forget our professional ethics and the rule of law”.

    Kazeem commended the Branch  on the way it has been fighting quacks in the profession. He promised government support to the branch to rid the profession of quacks and ensure that only qualified lawyers practise the profession.

    Highlight of the dinner was the recognition accorded deserving members of the bar and the society. Those  honoured included a former Attorney-General of Ekiti State, Mr Gboyega Oyewole (SAN), who was the first member of the branch to become a senior lawyer; the branch foundation chairman, Mr Oluwole Adejumo; a former Chief Judge of the state, Justice Christopher Olusegun; Commissioner for Physical Planning and Urban Development, Prince Rotimi Ogunleye; the Attorney General and Commissioner for Justice, Adeniji Kazeem, and the Chief Judge, Justice Opeyemi Oke.

    Others are the Ayangburen of Ikorodu, Oba Kabiru Shotobi and the Adeboruwa of Igbogbo Kingdom, Oba Semiudeen Kasali, who were represented by the Chairman, Council of Baales and Baale of Omitoro town, Chief N.J. Odusoga. Mrs Oladipupo Adewunmi was also honoured for her meritorious service to the branch.

    Others who attended the Week  included a Presidential aspirant of the bar, Prof Ernest Ojukwu (SAN),  Welfare Officer of the NBA, Adesina Adegbite and  NBA Epe Branch Chairman, A.S. Abimbola.

  • Commission seizes 95 vehicles from corrupt officials

    Commission seizes 95 vehicles from corrupt officials

    THE Independent Corrupt Practices and Other Related Offences Commission (ICPC) has seized 95 vehicles from government officials under investigation for alleged corruption.

    Its Chairman, Mr. Ekpo Nta, confirmed the seizure of the 95 vehicles while conducting members of the House of Representatives Committee on Anti-Corruption round the agency.

    He said while 40 of the vehicles were recovered from some retired officials of the Federal Ministry of Water Resources, others were seized from various government officials after the winding down of the activities of the defunct Subsidy Re-investment and Empowerment Programme (Sure-P) by the present administration.

    Nta said: “The recovery of the vehicles was an indication of the firm resolve of the commission to tackle the various manifestations of corrupt practices perpetrated by some government officials.

    “Corruption is an opportunistic crime. Some people tend to abuse opportunities which then lead them to engage in corruption. We should do our best to eliminate such opportunities.

    “We are putting enough measures in place to prevent acts of corruption in the country.”

    He listed some of the sectors that have benefitted from the preventive initiatives as the Nigeria Ports Authority (NPA), Aviation and Education sectors.

     “We have institutionalised some preventive initiatives, which have saved Nigeria a lot of money.

    “ICPC is interested in the development and deployment of high Information and Communication Technology (ICT) in government processes to achieve success with greater ease. This will be the height of our prevention activities.

    The Chairman of the committee, Akinloye Azeez Babajide, said the essence of the visit was for his committee to acquire better knowledge of what the commission was doing and offer support where necessary.

  • ‘Corrupt officials should return looted funds’

    ‘Corrupt officials should return looted funds’

    All Progressives Congress (APC) chieftain Senator Olabiyi Durojaiye suggests punitive measures for those involved in the sharing of arms and ammunition funds. He also speaks on the mass defection from the Peoples Democratic Party (PDP) to the APC, the judiciary, the Biafra agitation and other issues leke salaudeen met him.

    What is your reaction to the revelations on $2.1 billion for arms and ammunition scam?

    I was surprised about the amount and the personalities involved. One would not have thought it was as deep as the revelations we are now getting. On whether it is proper for civilians to collect money from the Office of the National Security Adviser (NSA), what is not proper is if the purpose is not a lawful one. It is too early to start pontificating on the revelation because what we have now is just a tip of an ice berg. We are yet to get revelations from the Nigerian National Petroleum Corporation and Nigerian Customs Service.

    Should President grant amnesty to those who refund the money?

    I don’t share such sentiment. There is a legal maxim that says: “Ignorance is no defence in law”. They have taken a risk. All those involved in the arms funds should bear the consequences of the risk. It is a lesson people should learn from.  There should be a punishment that will make it a deterrent for people in future to be wary of Greek Gift they take.

    Observers say the mass defection from Peoples Democratic Party (PDP)  will pollute All progressices Congress (APC). What do you think?

    Every citizen has the right under our Constitution the freedom of association, freedom to join any party. But our leaders in APC should be careful of Greek Gift. However, mass defection of opposition members to APC after winning election calls for caution to avoid Greek Gift. It is an avoidable risk that APC should avoid. I said it as far back as March last year when the trend started, that curtain should be drawn immediately after presidential election.

    I said all PDP and other political parties that went into alliance with us in APC should be regarded bonafide progressives. But all those that came after should be viewed with suspicion as potential gold diggers who were probably attracted by spoil of office not minding our party’s change mantra that it cannot be business as usual. That transparent service to the people is what APC stands for. We should not allow those who are likely to pollute the progressive ideology of our party or the spies in the belle of Trojan horse who came to harm and destroy the receiver of the Greek Gift.

    There is a Yoruba adage which says: “Oore wo ni orisanla se abuke ti abuke pe omo re ni Orisagbemi?” which literally translates: What good has deity (Orisanla) done to a hunch back that she named her child God’s gift?” Is it the heavy burden on her back? They were in PDP government for 16 years. What good did they to the nation that they want to continue under APC? There may be some exceptions however. Our party leaders should be wise enough to be very selective about some possible exceptions. They can only be counted on the finger nails those who have not been tainted and only looking for a safe haven, they should not be disappointed.

    President Buhari has expressed reservations about the court’s readiness to support his administration in its fight against corruption?

    I am sure the judicial officers today do not live in isolation. They are aware of the puritanical change of direction in the governance of the country and the ovation from international observers such as Secretary of State of the United States, John Kerry’s commendation for Federal Government and our country’s current fight against corruption.

    They have to interpret the law and administer justice accordingly; the whole world is watching us. I am confident however, that the judiciary will not fail us because I have noticed long before now some warnings the current Chief Justice of Nigeria, Justice Mahmoud Muhammed has given to all judges in the country to administer justice without fear or favour. He gave the warning while swearing in new judges of the Abuja High Court. According to him judicial officers should resist temptations when they encountered them. The CJN statement reads in part:

    As judicial officers, series of temptations will come your way but the ability to resist them will definitely stand you out and earn you lasting reputation on the Bench. Otherwise the National Judicial Council, which has the constitutional powers to discipline judicial officers, will not spare any judge for any misconduct. For a judge, this distinction is further heightened because as dispenser of justice, you are now the representatives of Almighty Allah on earth.

    In your hands, you have the power of life and death, the power of judgment, the power to restitute, the power to give back and the power to take. You are now the face of law and order, the fulcrum between harmony on the one hand and chaos on the other. The judiciary by the nature of its function and role is the citizen’s last line of defence in a free society, that is, the line separating constitutionalism from totalitarianism.

    No doubt, to effectively dispense your judicial functions and meet the jurisprudential needs of litigants in our courts, we must remain intellectually astute by consistently updating our knowledge of the law and other contemporary issues within the society. An issue which is of great concern to me and one that I am committed to addressing during my tenure, is the delay in the dispensation of justice and the resultant case backlog. The sobering reality is that if the number of pending cases continues to grow their present rate, our children may not be able to initiate and conclude a lawsuit within their lifetime”.

    Given the CJN’s riot act, I am optimistic that the judiciary will not betray the government programme of wiping out corruption as everybody knows that the judges are not above the law.

    What is your view on the Biafra agitation by the Igbo people?

    I don’t support secession in any form. Yoruba say: “cutting of the head is not a cure for headache.” That is maxim in extreme. The extreme solution is secession. And for all we care, agitation for secession may be disappointed at the end of the day. You just only look at secession as mirage. When you are in the desert, you look in front of you and say, there is a bit of shade ahead. But when you get there, it will disappear and reappear farther ahead. A lot of implications would arise. What we call inter tribal challenges now would become intra tribal.

     

     

     

     

     

     

    If Yoruba secede for example, we don’t plan it and I don’t think so, because I will not support it. But suppose we decide to secede then, remember our competitors are not Hausa, Fulani or Ibo. It will now be Egba, Ijebu, Ijesa, Oyo and Ife. That is what is likely to arise. And some would be at advantage more than others. If secession is carried out, some areas would become land-locked. To have direct access to the sea, they would have to pay duties. Some of them have invested in other parts of the country, how would they have access to their properties?

     

    Look at Lagos alone, is it only Yoruba who have big investments in Lagos? Now, if it is said that all foreigners should go, where do we go from here? Some of these things we should look at. Some of your friends with whom you move around together now, you would become jealous of each other. There may be some aggressions. People coming from outside may maraud and make life difficult for you. These are the likely possibilities. I don’t think it should happen. The agitators are only looking at being themselves and doing things their own way.

     

    Apart from that in the world today, number is a force to reckon with. It was only in 1954 that China became independent, just six years ahead of Nigeria. Between that time and now, by dint of hard work and sheer weight of number and purposeful leadership, they are now challenging number one power of the world. They are now in the topmost three in the world today. Population is one of the conditions for it. That is my advice, may be because I am old. I will be 83 this month. But this is the way I see it. I love Nigeria the way we have been. Once an experiment has been managed and has been manageable for a hundred years, it should be presumed to be a workable experiment.  We have been in Nigeria for a century and one year now.

     

    What is the way out?

     

    The way out is the Constitution. We should redraft the constitution. Not just a wish washy stuff but a wholesale. We should tailor it back to 1960 Constitution. That 1960 model, I believe will certainly do well for the country.

     

    What is your advice to the Niger Delta militants vandalising oil and gas pipelines?

     

    The young men involved in sabotaging should realise that they are squeezing the economic jugular vein of modern Nigeria. It could be dangerous, provocative and treasonable.