ICPC seeks sanctions against officials colluding with multinationals on contracts
TETFund instructs institutions to sanction erring contractors
Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has called for tougher measures against corrupt state officials who collude with multinational companies (MNCs) against their countries to violate international agreements.
Owasanoye also urged global action against Illicit Financial Flows (IFF), including a call for a global framework on IFFs.
The ICPC boss made the call during a side event at the ongoing hybrid 54th Conference of the United Nations Economic Commission for Africa (UNECA) in Dakar, Senegal.
He said: “African countries must understand that MNCs split contracts. The juicy parts of the contracts with MNCs are domiciled in their home countries while the non-juicy parts of the contracts are domiciled in Africa. We need to deal with MNCs’ collaboration by government officials who look the other way in international agreements.”
The meeting was attended by representatives of member countries of the Economic Community for Africa, Heads of Anti-Corruption Agencies and international bodies, and focused on regional efforts to track, recover and return stolen assets from Africa through the IFFs.
Addressing the meeting virtually, Spokesperson, ICPC, Azuka Ogugua, yesterday, quoted the ICPC boss as emphasising the need for a global framework on IFFs, as part of a determined commitment to tackle the menace.
“The challenge we found ourselves today is that the rules have always been skewed in favour of those who export capital and against those who import capital. Corruption is a global issue and we have a global framework on corruption.
“The IFF is also a global issue but does not have a global framework. A way out of the problem is to institute a global framework on IFF which, among others, will address the huge financial losses suffered by African countries,” the ICPC chairman said.
Meanwhile, Tertiary Education Trust Fund (TETFund) has said it has recommended the termination of contracts and sanctions for erring contractors handling projects in institutions benefiting from its various interventions.
Executive Secretary of TETFund, Sonny Echono, disclosed this at the 2021 Annual General Meeting of the Procurement Professionals Association of Nigeria (PPAN), which also featured election into its executive positions.
In a statement, yesterday, in Abuja, Echono, who acknowledged that there were challenges of the high cost of materials in the last year, said the Fund had been coping with the situation, as it had designed ways of responding to it.
The TETFund boss said the agency was working with regulatory authorities to ensure there were no abandoned projects in its beneficiary institutions.