Vice-president Prof. Yemi Osinbajo has stated that poorly negotiated agreements are the major causes of illicit financial flows, IFFs and economic loss in Nigeria and many other nations.
Osinbajo said this at the two-day opening ceremony of a capacity building for Nigerian negotiators event in Abuja on Monday, organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in conjunction with the inter-agency committee on stopping IFFs from Nigeria.
“One of the sources of economic loss for a country such as Nigeria is the consequence of poorly negotiated and poorly drafted agreement,”
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“Lack of accountability or monitoring… Nobody checks to know how a negotiation went so as to track outcomes. Henceforth, those who draft contracts that turn out poorly should be held accountable.
“Sometimes, we find out that huge contracts are drawn out without following due processes, lack of checks and balances have promoted corruption in our system.
“In most cases of commercial contracts, we have seen lack of transparency, and this ranges from not advertising and opening up opportunities to other potential investors and not subjecting agreements to established legislative and duty ratification processes.”
