CHAIRMAN of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, Professor Bolaji Owasanoye, has described illicit financial flow as the most egregious form of corruption in Nigeria.

Owasanoye said this at a media roundtable on National Ethics and Integrity Policy held in Lagos State.

“I am aware that the general perception is that looting by politically exposed persons is the most egregious, but I have news for you, it is not. It represents less than 30 percent of the losses of capital in developing countries including Nigeria. A lot of money is lost through illicit financial flows.

“No government, especially in developing countries will ever be able to fulfill its programs or not depend on loans for development unless it is able to keep within its economy, the revenue that is generated therein,” he said.

He also spoke of the report of the National Corruption Index, NCI, which focused on grand corruption.

“The survey that we published has been regrettably reported by some section of the media as suggesting that judges collected bribes. Nothing can be farther from the truth… we interviewed judges, we interviewed lawyers and many responded and said, ‘we were offered’.

“It is not only judges, there are registrars, there are court clerks… we aggregate everything, but many of the (media) reports … zeroed in on the judges. Some even suggested that the judges collected, we never said so,” he added.


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