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Recession: Anti-corruption policy scaring investors – Bruce


Senator Ben Murray-Bruce PHOTO: DIASPORA PR

Senator Ben Murray-Bruce PHOTO: DIASPORA PR

Senator Ben Bruce (PDP Bayelsa East) on Thursday called on President Muhammadu Buhari to adjust his approach to the anti-corruption crusade, saying policy was scaring investors.

Bruce, who disclosed this while contributing to the Senate’s debate on the economic recession in the country, said that Nigeria should not expect foreign investments as even local investors had stopped investing.

He said that people who had money to invest were no longer doing so because the anti-graft agencies were harassing any person with cash transactions running into millions.

“Buhari’s approach to anti-corruption is wrong: let us forget the foreign investors, what about the local investors?

“If people are afraid, they will not invest; fear will not be a policy to grow the economy.

“Money is a coward; it only goes to places where there is peace and tranquillity.

“I have a friend who paid legitimate N50 million into his account and the Economic and Financial Crimes Commission (EFCC) came and picked him up.

“We cannot be afraid to be Nigerians; we cannot be afraid to live in our country,” he said.

Bruce recalled that former President Olusegun Obasanjo also fought corruption but that his anti-corruption fight was not one that put fear in the minds of real investors.

He said that he supported Buhari’s anti-corruption fight but insisted that the approach should be changed to encourage investments.

On the prices of food in the market, he said that poor Nigerians were feeling the brunt far more than the rich.

He said that the prices of bags of rice, beans and garri had risen by over 50 per cent while the retail prices of the same commodity rose by over 150 per cent.

The lawmaker said that while the rich bought the commodities in bags, the poor, whose minimum wage had not changed, had to buy at 150 per cent increased rate.

He attributed the increase in retail prices of items to the cost of transportation, and called for a transport policy to check transportation costs.

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  • Ken

    Bruce is very correct. Anti-corruption war should be systematic. It is not a brawn war. The ghost workers being removed today is through systems and not by power

  • Jacob Chile

    Well, if anti-corruption policy of government is scaring away investors, then such investors have dubious tendencies in coming to do business in Nigeria. They should either have a change of attitude and character or forget doing business in Nigeria for now. It is this dubious businesses that have contributed to Nigeria’s economic woes.

  • Holy truth

    Dis man u are big time liar. If foregn investors are scared to come & invest in Nigeria bcos of pmb’s anti corruption campaign dey are at liberty to hold on to their corrupt funds dey are planning to bring to Nigeria to come steal our money. Dat era is gone 4 now. Why are dey scared if dey don’t have anything dodgy dey are coming to do.
    2ndly, u said ur friend was picked up bcos of 50million he paid into his account. Pause, rewind & listen to urself again & check if u sound like somebody who has anything in him called truth. To me Ben sound so dishonest. If ur so called friend paid 50million legitimately into his account as u claimed dat efcc picked him up, why did he not sue dem & claim damages. Ben ur story doesn’t add up. Some daft might believe ur baseless, factless stupid stories but intelligent pple will deduce immediately dat u are just an attention seeking liar. U suck dude.

  • real

    One can understand what he is trying to say, however any innocent person with money should not be afraid of investing their money in the country. we need to strengthen our anti corruption laws and processes. The problem with our economy is not the anti corruption laws, the problem is the policy changes and lack of them. one day importation of rice is banned, the next day they are issuing waivers. so is anyone going to invest in rice farm. As an investors you can’t plan on any information from any MDA. Their website is rubbish, and the rules, price and mandate are changed every day. when the government regulate the market and each day keeps changing the rules of that market, how are investor going to invest. right now, anyone thinking of investing in refining of crude oil doesn’t know if the market is regulated or deregulated. They don’t know how much they can charge and even the regulated prices. even the regulated prices are not cost effective.

    • abodes_124

      ‘should not be afraid’ does not translate into will not be afraid. if you have anyone in business fro a certain part of the country the EFCC will first freeze your account. , question you and shake you down for a few million Naira. Businessmen have gone back to transacting with money in bags and briefcases. The banks are suffering a double cash crunch. they are slowly crushing the life out of the Nigerian economy.

  • Lemmuel Odjay

    Now, you are just falling apart, Ben. It is a fact that only the corrupt can operate in a corrupt environment. Virgin Air just proved that right.
    It is evident that the Nigerian masses are happy about Buhari’s fight against corruption and the way it’s being fought. Let them have their day. I personally think, though, that it’s time some of these looters got their fair share of the space in Kirikiri or Kuje prison. That is the next logical thing to be expected.

    Ben, I wish you could use your time and esteem office at the National Assembly to ensure that Nigerians have an Ajaokuta Steel Company that works. You’d better be remembered by that success, than by anything else. We are watching…