The Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, has revealed that the Federal Government has implemented strict measures to prevent corruption in the negotiation and execution of contracts. Speaking at a sensitisation workshop on the ‘Revised Guidelines on Negotiation and Drafting Agreements by Government Parties to Prevent Corruption, Illicit Financial Flows (IFFs) and Ensure Sustainable Development’ in Abuja, Fagbemi highlighted the government’s commitment to ensure transparency and efficiency in the management of public resources.
In his address, Fagbemi stressed the significance of curtailing corruption and illicit financial flows in achieving sustainable development. He stated, “One thing is however clear, there can be no sustainable development without stemming corruption and IFFs.” He noted that the government has recognised the detrimental impact of excessive litigation and arbitration, where corruptly acquired contracts are imposed on Nigeria, causing a significant drain on the nation’s finances.
The minister further emphasised the need for a comprehensive approach to fighting corruption and IFFs, one that combines governance reforms, prevention measures, and sanctions. Fagbemi revealed that Nigeria loses an estimated $1-18 billion annually to illicit financial flows, with over 60% of these flows attributed to commercial IFFs. He highlighted the importance of capable negotiation, drafting transparency, and a patriotic zeal in preventing these financial losses.
In an effort to curb corruption in the negotiation and execution of government contracts, Fagbemi explained that the workshop was designed to enlighten key stakeholders responsible for contract negotiations, providing them with knowledge and guidelines outlined in the Revised Guidelines. He expressed optimism that this preventive initiative would deter corruption and promote effective service delivery, aligning with the Federal Government’s Ministerial Deliverables on Improved Governance.
The Minister of Justice affirmed the ministry’s commitment to support transparency and efficiency initiatives undertaken by various ministries, departments, and agencies of the Federal Government. Fagbemi disclosed that the ministry has developed policy documents and mechanisms to ensure transparency and reduce the occurrence of unfavourable judgments resulting from poorly drafted contracts or contracts with malicious intentions.
With the implementation of these measures, the government is taking a proactive stance in combatting corruption in government contracts, thereby safeguarding public resources and promoting sustainable development.
