Home NEWS How Corruption Threatens Survival Of Societies, Osinbajo Narrates

How Corruption Threatens Survival Of Societies, Osinbajo Narrates

Vice President Prof. Yemi Osinbajo

Vice President Yemi Osinbajo has listed the danger which corruption is capable of causing societies, describing it as a crime against humanity, because of the implications on the lives and livelihoods of all, especially the poorest.

Corruption, he swore, undermined democracy and the rule of law, distorts markets, erodes the quality of life, allows organized crime and terrorism to flourish, and triggers needless wars and bloodshed. And indeed, much has been lost and is still being lost.

Professor Osinbajo, who spoke today, Monday, at the 8th Commonwealth Conference of Heads of Anti Corruption Agencies in Abuja, the Nigeria’s federal capital, stressed that corruption had continued to be one of the greatest challenges of our time and that it is a problem that threatens the very existence, and continued survival of societies.
The Vice President cited the 2014 report by the One Campaign, titled the “One Trillion Dollar Scandal” which said that developing countries lose $1 trillion annually to corporate transgressions, most of it traceable to the activities of companies with secret ownership.
“Another report that may enjoy a major mention here is the 2015 report of the High Level Panel on Illicit Financial Flows from Africa. Chaired by our guest of honour, former South African President, Thabo Mbeki, the panel concluded in its report that Africa had lost over $1 trillion over a 50-year period and that Africa loses more than $50 billion annually to illicit financial flows. Most of these illicit flows are perpetrated in the extractive sector and many through companies with hidden ownerships.”
Vice President Osinbajo said that the cost of corruption had imposed on all African countries and governments a moral obligation to fight it with vigour and political will, by strengthening all institutions and systems involved in law enforcement, as well as in promoting a culture of transparency and accountability.
According to him, while public sector corruption is the usual focus, the private sector’s complicity is significant, especially with large multinational corporations engage in tax evasion or transfer pricing.
“But it is the complex web of public-private collusion and connivance that results in proceeds of corruption ending up in foreign countries and, especially, in their financial institutions and systems. Dismantling the conspiracies that facilitate export of stolen assets is probably as important as the theme of this conference which is “Partnering towards Assets Recovery and Return.”
“It underscores the fact that fighting corruption is futile if we do not ensure that the proceeds of corruption find no safe haven.  And that such proceeds are fully recovered and promptly repatriated. Recovering stolen assets not only accomplishes the goal of restitution, it also serves as a potential deterrent to future corruption.

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“Article 51 of the United Nations Convention Against Corruption states unequivocally, that return of assets is a fundamental principle of the Convention, and mandates States Parties to afford one another the widest measure of cooperation and assistance in this regard. Similarly, Article 16(1) (c) of the African Union Convention for Preventing and Combating Corruption, obligates States Parties to adopt such legislative measures as to enable repatriation of proceeds of corruption.”