Give Nigeria Back Its Stolen Funds: A Challenge to the United Kingdom

A keynote lecture presented at Green Economics Institute 11th Annual Conference at Kellogg College, University of Oxford, England on the 29th of July 2016. The moderator was Miriam Kennet, the CEO of the Green Economics Institue.

 

Is Britain More Corrupt Than Nigeria?

britain nigeria

Corruption takes place in every nation and at all levels in systemic and non-systemic forms. To compare corruption in Nigeria with that in Britain is equivalent to an episode of severe schizophrenia. Capital flight, as it functions in the arena of corruption, happens due to politicians in unstable economies and where the monies can be seized; the wealth is then taken to a“safe haven” nation [in Europe, America or the Middle East] that has a stable economy and the wealth safe from expropriation by nations of origin. Corruption and capital flight has damaged Nigeria perniciously, when will it stop? Continue reading

Is the TSA a Panacea to Corruption?

Ngozi_Okonjo_Iweala_Presents_Budget

The Treasury Single Account (TSA) was adopted by Ngozi Okonjo-Iweala, a diehard neoliberal, while she was Minister of Finance under the presidency of Goodluck Jonathan. The TSA a monetary tool introduced to reduce the cost of borrowing in a debt-stricken neoliberal world and ensure idle or unused monies by government agencies do not sit in accounts. The introduction of the TSA into the Nigerian system of economic has nothing to do with the intelligence or sensibilities of either Goodluck Jonathan or President Muhammadu Buhari; it is a “compulsory” International Monetary Fund (IMF) instruction. Is the TSA an effective anti-corruption tool though or not? Continue reading

Devalued Naira or Devalued Republic?

One Naira

Nigeria is still in its“supposed” anti-corruption mode from a governance perspective, but the current state of the economy is not going to permit its success no matter how hard the country tries or well-meaning the leaders be. There is a highly overlooked aspect of corruption that directly results from macro-economic requirements whether it is self-determined or imposed by multilateral agencies. The devaluation of currencies particularly in developing countries exacerbates the incidence of corruption. Continue reading

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