News
Sagay: Bank chiefs aiding corruption should face trial
The Presidential Advisory Committee Against Corruption (PACAC) will push for the prosecution of bank chiefs who connive with looters to hide stolen funds, its chairman, Prof Itse Sagay (SAN), said yesterday.
According to him, the “monstrous epidemic of high profile corruption” could not have afflicted Nigeria without bankers’ collusion.
They must not get away with it, Sagay said.
“In my own little way, we are going to push for the prosecution of such bank chiefs. They must be prosecuted,” he said.
Sagay said the legislature, senior lawyers, especially Senior Advocates of Nigeria (SANs), and some “hostile and powerful judges” work against efforts to rid the country of corruption.
“There is a gang-up of the of the powerful political, business and banking elite that is determined to frustrate the anti-corruption struggle,” he said.
The PACAC chairman delivered a public lecture in Lagos on the topic: The many afflictions of anti-corruption crusade in Nigeria. It was organised by the Nigerian Society of International Law.
Sagay said the National Assembly was made up of self-serving lawmakers who allocated N125billion to themselves alone this year.
He said while the United States President earns $400,000 per annum, a Nigerian senator earns over $1.7million.
Sagay said apart from a basic salary of N2.4million per month, they earned allowances, such as hardship (50 per cent of basic salary), newspaper allowance (50 per cent), wardrobe allowance (25 per cent), entertainment (30 per cent), recess (10 per cent) and leave (10 per cent), among others.
The total allowances, he said, amounts to N29.5million per month and N3.2billion per annum.
“Perhaps the most notorious example of the legislators’ resistance to the war against corruption is the rejection of the right of the executive to choose the persons who will spearhead that struggle.
“The clear impression is created that Nigerian legislators are in office for themselves and not for the populace.
“Not surprisingly, the National Assembly has not passed a single bill for the promotion of anti-corruption war since it commenced business in July 2015. The Whistle Blowers Protection Bill, the Proceeds of Crime Bill and the Special Criminal Court Bill remain in a virtual state of stagnation.
“What evidence do we need to establish the hostility of the eighth Assembly to the anti-corruption war?” Sagay querried.
The eminent professor of law described corruption in the judiciary “a national tragedy that should be avoided at all cost”.
He said no one would have remotely imagined as recently as 1999 that judges could indulge in the crime of selling their judgments to the highest bidder for hundreds of millions of dollars.
The National Judicial Council (NJC), he said, does not have a disciplinary capacity to deal with crimes of such gravity.
“That is why, tragically, we are now experiencing judges being tried in courts like common criminals. That is why the anti-corruption and security agencies have taken it upon themselves to continue from where the NJC stopped.
“It is a painful but necessary sacrifice we must make in order to cleanse and sanitise the system and to breathe new life into it,” he said.
Sagay said SANs deserve “harsh punishment” for shamelessly approaching judges and introducing them to a “demeaning and shameful culture” of bribery and corruption.
“These SANs deserve the harshest punishment of all. Anti-graft agencies and the police must monitor and investigate the activities of lawyers who receive a share of the proceeds of crime as their fees,” he said.
Sagay said it was largely SANs, “stuffed full of money”, who designed every scheme imaginable to frustrate the trial of 15 former governors since 2007, out of whom only two were convicted.
According to Sagay, the Muhammadu Buhari administration has recorded several successes, including massive recovery of stolen assets, elimination of high profile looting and prosecution of high profile cases, including judges, which he said were previously ignored.
“The anti-corruption struggle is like a long distance race – a marathon. It cannot be concluded overnight. The opposition is extremely powerful, using state resources to fight back.
“What we are going to see is a progressive dismantling of the corruption infrastructure. Convictions will occur now and again, but there will be frequent forfeitures of looted funds and other types of property. Remove stolen loot from the culprit and his life becomes miserable.
“In addition to loot recovery, high profile looting at the executive level has been eliminated. Nigeria was bleeding from numerous open wounds when this administration took over about two years ago. All the bleeding has been staunched.
“What is now needed is the positive support of the citizens of this country in this titanic struggle,” Sagay said.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
-
Opinion4 days agoTinubu’s Naira Miracle: Abracadabra or Economic Wizardry? | By Adeniyi Olowofela
-
Politics4 days ago
Why Oyo State cannot afford another 3 years of Makinde’s mismanagement of council funds
-
News1 week ago
FERMA House C’ttee Chair, Oseni Consoles Sen. Buhari over mum’s death
-
Politics1 week ago
APC Urges Fairness in Oyo LG Election
