Buhari seeks close collaboration to tackle economic challenges in West Africa
By Ukpono Ukpong
.Bags Global Integrity, Anti-Corruption Award of Excellence
President Muhammadu Buhari, on Tuesday, called on executives of banking institutions in West Africa to forge a closer collaboration to tackle economic challenges confronting the sub-region.
Receiving a delegation from the West African Bankers Association (WABA), led by its President, Thierno Seydou Nourou Sy, the President noted that the sub-region must find a common understanding and ground to address low access to financial services and recovery from post COVID-19 pandemic.
President Buhari told the association, founded in 1981, and which brings together over 250 commercial banks and 15 institutions from across West Africa, that, for many centuries, African countries have traded with one another without a formalized and structured system.
He, however, noted that over time, global trade has become more complex and organized.
The Nigerian leader expressed confidence that the rollout of the African Continental Free Trade Area would be a turning point in how African countries trade with each other.
”More importantly, we will turn the page in ensuring that we deepen and expand our industrial capabilities by making sure we export less of what we have been endowed with in primary or raw form, and convert larger portions of these resources into finished materials.
”That will allow us to benefit from the revenue earned from the added value of exporting a finished product,” he said.
Speaking further, the Nigerian leader declared: ”Our ability to overcome the current phase of our development lies in our resolve to work jointly via our regional and sub-regional organizations where we can all reach a common understanding to fight against a common enemy.
”This is one of the reasons I am delighted with the strides ECOWAS has been making towards unanimity and forging alliances with a goal to resolve issues that confront the sub-region.
”I believe that this is also the approach that is being followed in the West African Bankers’ Association and the West African Monetary Union.”
Commenting on ongoing efforts to synchronize monetary and fiscal policies through WABA, the President challenged the association to work towards finding a common ground, despite the unique macro-economic challenges that each member-state faces.
He pledged that Nigeria will always be ready to support efforts that are geared towards improving the lives of all its citizens ”as long as they do not place us at a disadvantage.”
The WABA President lauded the lead role Nigeria plays in the African economy, adding that President Buhari’s leadership was also well appreciated.
”That’s why we are here for counsel and guidance for the financial sector in West Africa,” he said.
He urged President Buhari to be an advocate for greater inclusion for WABA in ECOWAS structure, also noting that one of the challenges with the banking system is capacity building, and urging Nigeria to set up a training academy for the industry.
Meanwhile, in recognition of his lifetime outstanding commitment to the fight against corruption and selfless service with exceptional integrity, President Muhammadu Buhari has been honoured with the Chartered Institute of Forensics and Certified Fraud Examiners of Nigeria (CIFCFEN) Global Integrity and Anti-Corruption Award of Excellence.
The President was presented with the Award yesterday in Abuja by the Chairman Governing Council CIFCFEN Board of Trustees, Dr Iliyasu Gashinbaki.
The award is the highest honour of the Institute reserved for only African Heads of States with impeccable character and unimpeachable ideals.
The Nigerian leader is the first African leader to be bestowed with the award.
Receiving the award, President Buhari thanked the Institute for the honour, saying: ”This recognition further imbues in me hope that we will as individuals and citizens of this country begin to live right and imbibe the ideals and ethos of the founding fathers of this great nation.”
The President pledged ”to look into and assent accordingly” a bill seeking the formal establishment of CIFCFEN, acknowledging that the Bill is presently before him.
He commended the Institute for working and effectively complementing the efforts of law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other Related Offences Commission (ICPC), the Code of Conduct Bureau (CCB) and the Police.
He directed the anti-corruption agencies to continue partnering with the Institute for the benefit of the country.
Furthermore, the President directed the Minister of Finance, Budget and National Planning to work with the Institute in areas of providing technical assistance and capacity building to all revenue generating agencies and regulators in the public sector.
The President lauded the Board of Trustees for issuing the first independent review of graft fighting strategy of the country, adding that he is pleased to receive copies of the latest flagship publication, the Annual (2021) CIFCFEN Country Report, themed around the review of the Country’s National Anti-Corruption Strategy 2017-2021.
”This is the first independent review of graft fighting strategy and I commend the Institute for this initiative.”
Justifying the importance of forensics and fraud examination in the fight against corruption, President Buhari said:
”The need for forensic experts arises in educating, preventing, detecting and prosecuting fraudsters, while fraud examination helps mitigate vices like embezzlement, money laundering, misuse and mismanagement of public resources.
”Many Nigerians, who are serious about eliminating corruption in our country, will welcome this review of the National Anti-Corruption Strategy midwifed by the Federal Ministry of Justice and the Presidential Advisory Committee on Anti-Corruption in 2017 and supported by our International friends.
”This has been our flagship effort in fighting corruption and we did this by distilling all previous strategies geared towards fighting corruption into a single strategy, while this review comes with recommendations that will be carefully reviewed by the Office of the Attorney General and adopted in our 2nd National Anti-Corruption Strategy that will be unveiled shortly, DailyTimes gathered.
”This effort by the Institute to undertake the review of the national anti-corruption strategy is highly commendable and it has shown the usefulness of partnerships with professional bodies and my administration will continue to partner with the Institute and as well as other private institutions, the academia and other stakeholders in the fight to stop sleaze and mitigate corruption.”
In his remarks, Dr Gashinbaki noted that the Institute was established in 2011 by the Association of National Accountants of Nigeria (ANAN) as the Society of Forensic Accounting and Fraud Prevention (SFAFP), but was later changed to CIFCFEN.
He said as a partner to the government, the Institute has noted certain commendable international best practices by this administration, which should be sustained by even successive administrations.
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He listed the following: ”Principle of complete non-interference with investigation activities; elimination of the culture of political investigations and prosecutions; strong will in reforming the oil and gas sector; sustainable reforms in the maritime sector; treasury single account; recoveries of the proceeds of crime and forensic audit of revenue generating and big spending agencies.”
The Chairman Governing Council CIFCFEN Board of Trustees added that sustenance of best practices such as open government partnership, as well as the open contracting regime and beneficial ownership disclosure would have the significant potential of increasing the nation’s revenue by N10 trillion in the short term.
