The Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, says the Federal Government has put in place measures to curb corruption in negotiation and execution of contracts.
Fagbemi said this in Abuja at the sensitisation workshop organised by the Independent Corrupt Practices Commission on the revised guidelines on negotiation and drafting agreements by government parties to prevent corruption, Illicit Financial Flows (IFFs) and ensure sustainable development.
“The government has taken measures aimed at ensuring that all contracts within Federal Executive Council’s threshold are properly vetted.
“As we have discovered that a major source of drain on our national purse is the increasing utilization of litigation and arbitration.
“This is sometimes funded by litigation sharks, to foist contracts and agreements that were ab initio procured through bribery and corruption on Nigeria.
”One thing is however clear, there can be no sustainable development without stemming corruption and IFFs,” he said.
The minister stated that the government was working toward promoting more effective and transparent management of public resources as well as well-functioning institutions to combat Illicit Financial Flows .
In his remark, the Chairman of ICPC, Prof Bolaji Owasanoye, said that contractors had been using different tactics to steal government funds through capital flight and other forms of Illicit Financial Flows. He further stressed that they included lack of provisions for periodic review of long-term contracts, grant of licenses and waivers adding that the choice of laws and the seat of arbitration had often worked to the disadvantage of the nation hence the need for the guidelines.
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