Lack Of Trust, Transparency, Bane To Foreign Direct Investment Into Nigeria – ICPC Boss

By Matthew Ogune, Abuja

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Professor Bolaji Owasanoye has identified lack of trust and transparency as major obstacles to the smooth flow of Foreign Direct Investment (FDI) into the country.

Owasanoye who disclosed this in Abuja while receiving the Managing Director of the Nigeria Export Processing Zones Authority (NEPZA) Professor Adesoji Adesugba said
political will was required to create an enabling environment for investment to thrive.

He added: “We have all the templates but we are not attracting as much as we want and that it is by our own effort that will build our economy”.

The ICPC boss used the opportunity to urge chief executives of government agencies to support Anti-Corruption and Transparency Unit (ACTU), saying that it must be encouraged to help boost the anti-corruption crusade of the federal government.

He further went on to say that if ACTUs were allowed to function the way they should, the MDAs would be more productive, and Nigeria would be a better place.

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Owasanoye pointed out that ACTUs were established to help strengthen the prevention of corruption in all government agencies and to also serve as the eyes and ears of ICPC in those agencies.

He commended NEPZA for their role in Nigeria’s development, and for supporting the work of ACTU.

Earlier, the Managing Director of NEPZA, Professor Adesugba, stated that his visit to ICPC was to seek collaboration in the fight against corruption, adding that it was necessary to deal with the cankerworm of corruption and ensure that things are done properly within the law so as to deepen the economy.

He thanked the Chairman for setting up ACTUs saying that the Unit had helped in the development of processes that ensure that things were done properly and transparently.

He further stated that due to the effectiveness of ACTU in his organisation, he has directed that the Unit be extended beyond its headquarters to other states were NEPZA offices operate from.

The MD therefore sought the support of ICPC for further training of its staff on the operations of ACTU.