Why $29.9billion loan may not have impact on economy, by ICSAN boss

The Federal Government must put in place workable policies that would tackle corruption within the body polity before obtaining the planned $29.9 bilion dollars in order to meet the targets of the facility.

President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Dr. Nat Ofo, stated this at the 40th yearly conference of the Institute held in Lagos, at the weekend.

Ofo said the Federal Government might not make any impact on Nigerians if corruption is not tackled seriously in the country.

“I am not keen about the foreign loan the Federal Government is seeking for. I am not enthusiastic because corruption has not been dealt with.

Unless something special is done, the foreign loan they are seeking, even after getting it, may leak away, he stated.

He continued: “And if this happens and the money is not used for the purpose it is meant, it will be a big shame and disappointment.

The only thing is that government should deal decisively with corruption. It can win it and it should continue the onslaught on those who will be the clog in the wheel of progress of this country.”

Earlier in his keynote address profiled, “Corporate governance as a spring board for socio-economic renaissance”, President, Nigerian Bar Association (NBA), Abubakar Mahmoud, disclosed that corporate governance would boost economy in Nigeria if its practices are fully embraced.

Mahmoud, whose paper was delivered by the Secretary General of NBA, Isiaka Olagunju, said: “Corporate Governance practices would be a catalyst to socio-economic revival in Nigeria if fully adopted because it is a practice that gives investors assurance that they would get a return on their investment.”

“When companies in Nigeria fully embrace Corporate Governance practices, they become attractive to investors. It is well known fact that investors will not hesitate to take their money around the globe in search of companies with credible and recognisable corporate governance arrangements”.

He commended the efforts of ICSAN for organising such conference, which he described as apposite considering the current declining national economy.

The NBA chief added that the Institute is fast gaining reputation as the most professional body dedicated to enhancing corporate governance practice and public administration in Nigeria.