By Ife Osemedua
365Daily – A group of Civil Society Organisations (CSOs) have asked President Muhammadu Buhari to act on Pandora Papers leaks by investigating all involved.
The coalition including the Civil Society Legislative Advocacy Centre (CISLAC), Transparency International (TI) in Nigeria, and Premium Times Centre for Investigative Journalism (PTCIJ), is urging President Buhari, the Minister of Justice and Attorney- General of the Federation, Abubakar Malami and all anti-corruption agencies to immediately commence investigation of everyone and their companies indicted in the leaks.
The Executive Director, CISLAC, Auwal Rafsanjani, made the call at a news conference on Monday, October 11, 2021, in Abuja.
Rafsanjani commended the International Consortium of Investigative Journalists (ICIJ) and its network of members globally for the exposure which he said is one of the biggest ever corruption leaks led by ICIJ and more than 600 journalists from 117 countries, including those of Nigeria’s Premium Times.
He said: “Since its release on Oct. 3, Nigerians have read in awe details of financial transactions and practices of politicians and influential individuals that exploit.
“In some cases, violate and undermine extant financial guidelines and policies and threaten our corporate existence and collective wellbeing.
“The Pandora Papers confirm therefore the continuing weaknesses in the Nigerian financial systems and regulatory deficiencies that have been at the root of the annual loss of 18 billion dollars to illicit financial flows out of Nigeria, according to the latest estimate.
“The Pandora papers release is coming when Nigeria is reeling under the deleterious impact of COVID-19 and the debt pileup that has continued to stoke serious concerns across political divides and among Nigerians and its development partners.
“Therefore, it is a meaningful opportunity for the present administration to act decisively against corruption, aggressive tax planning, and other financial practices of politically exposed persons and their advisors and companies that threaten our country’s economic stability and corporate existence.’’
In her submission, Ms Jessica Odudu, the Programme Officer of Premium Times Centre for Investigative Journalism (PTCIJ) demanded policy reforms and institutional strengthening necessary to curb the abuse of financial systems.
Odudu said they were seeking for the Code of Conduct Bureau to be strengthened by digitising the assets declaration processes, documentation and verification, as well as the prosecution of violators.
“As of now, the asset declaration administration in Nigeria is dysfunctional and a major enabler for corruption.
“The Federal Government must equally work with the National Assembly to remove all the obstacles to public access to asset declarations of every eligible public officer.
“On its part, the Central Bank of Nigeria (CBN) needs to ensure that financial institutions fully carry out Know Your Customer (KYC), Customer Due Diligence (CDD) as well as Enhanced Due Diligence (EDD).
“Effective compliance with these guidelines and measures will curb the current abuse and indiscretion among politically exposed persons and their collaborators.’’
Odudu said this will ensure that global enablers like lawyers, notaries, accountants who help facilitate money laundering and tax evasion are blacklisted and deregistered.