President Buhari: Its Time For Public Disclosure of Recovered Assets, By Bámidélé Adémólá-Olátéjú

President Buhari, the time has come for you to change the dynamics of governance in this country and create institutions instead of relying on adhoc processes and heroics. We have heard of trillions realised through the Treasury Single Account (TSA). We have been innundated almost on a daily basis with mind-numbing and insanely impossible figures recovered from individuals. It is time to have a public repository of recovered monies, assets and the corresponding names of who stole what and what was repossessed.

Without doubt, Nigeria has created it own per capita poverty stemming from looted development funds, per capita oil revenues, dwindling reserves and a rapidly growing population. Nigeria faces a stark future, a much different dire scenario than the one that has been seen for decades, and there is much more than economic troubles in the horizon. If the situation is not carefully managed, there are looming political crises too. The crash in oil prices, lack of critical infrastructure, abysmal developmental indices and a new leadership focused on eradicating official vices seem to have forced some discipline upon us. It is not pretty and it is going to be painful, but have we any choice given our prodigal past? The country must brace up for economic torture without any respite until the last quarter of 2017, and that is if there are no asymmetrical headwinds different from what is prevailing now.

Nigeria is in this hopeless tangle because of corruption. Every money stolen or diverted into private pocket denied Nigerians access to motorable roads, primary healthcare, safe drinking water, basic education, security of lives and property and affordable housing. While corruption has benefitted the Dasukis, the Sarakis, the Diezanis, it has hurt and deprived the poor, and robbed us of a decent and egalitarian society. Due to corruption, companies like Dunlop and textile mills who have provided stable jobs for decades have exited Nigeria. Their exit is largely because of epileptic power supply and several other unfriendly factors that affects the economic and financial stability of companies by altering market mechanisms to the advantage of dishonest operators. That is why long term economic growth continues to be a mirage and it explains the lack of significant domestic and foreign investments, except for a few managers of emerging market funds looking to make quick bucks from our rudimentary capital market.

Publishing the names in the newspapers is not good enough. In this age of technology, let us have a website dedicated to looters and looted funds, where every Nigerian or reseacher can have access to the information. We want to know how much is being spent and on what. We want you to show us the money!

President Buhari, the time has come for you to change the dynamics of governance in this country and create institutions instead of relying on adhoc processes and heroics. We have heard of trillions realised through the Treasury Single Account (TSA). We have been innundated almost on a daily basis with mind-numbing and insanely impossible figures recovered from individuals. It is time to have a public repository of recovered monies, assets and the corresponding names of who stole what and what was repossessed. Publishing the names in the newspapers is not good enough. In this age of technology, let us have a website dedicated to looters and looted funds, where every Nigerian or reseacher can have access to the information. We want to know how much is being spent and on what. We want you to show us the money! With the economy looted to bare bones, we have seen how this has forced devaluation, precipitated inflation, distorted markets, promoted and rewarded rent seekers, killed legitimate businesses, increased income inequality and poverty, reduced tax revenues, made the enforcement of contractual obligations difficult, and undermined the legitimacy of government.

The ongoing recovery of stolen assets is commendable but a lot can still be done. The issue of prosecution and impunity has to be confronted headlong. From what has gone on with the Sambo Dasuki and Saraki trials, a strong link exists between corruption and the rule of law, as efforts to reduce corruption and strengthen the rule of law reinforce each other. The Jonathan presidency illustrated this. Even though corruption in Nigeria did not start with him, huge sums of money were stolen and diverted under his watch because he was absent in his own government and his administration was characterised by a free-for-all orgy of looting and a general breakdown of the rule law.

Nigerians are interested in knowing what safeguards are available for recovered assets. If there is any intent for the public use of recovered assets, there must be the public declaration of this, stating the specific uses, amounts, periods of use, and agency responsible for this through the approved budget.

Nigerians are tired of hearing about the huge sums stolen. We want conscientious prosecution of offenders, no matter their positions in government. We demand the public disclosure of all recovered assets stating their values and dates repossessed. Nigerians are interested in knowing what safeguards are available for recovered assets. If there is any intent for the public use of recovered assets, there must be the public declaration of this, stating the specific uses, amounts, periods of use, and agency responsible for this through the approved budget. As the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) go through these processes, we want official reporting on actual expenditures, recoveries and successful prosecutions. Ideally, the most effective and efficient utilisation of repatriated funds is for President Buhari to spend these on visible projects, keep proper records of disbursements, with open invitation to the civil society to vet related accounts. Please set the bar high President Buhari.

Bámidélé Adémólá-Olátéjú a farmer, youth advocate and political analyst writes this weekly column – “Bámidélé Upfront” for Premium Times. Follow me on Twitter @olufunmilayo