A former Chairman of the Special Presidential Investigation Panel for Recovery of Public Property (SPIP), Mr. Obono-Obla, has detailed how his panel uncovered the failure of commercial banks to remit over N38 trillion in stamp duties to the Federation account in 2018.
Obono-Obla stated this in his keynote address at the 16th Ralph Opara memorial lecture series organised by the National Association of Seadogs, Pyrates Confraternity in Calabar, Cross River State with the topic: “Nigeria’s future and the Impact of Corruption on the Socio-Political Economy of Nigeria”.
The former SPIP Chairman equally gave a chronicle of several other uncovered corruption instances which included the uncovering of a $60 billion illegal sale of Nigeria’s crude oil by criminal networks with the involvement of government officials, as well as the discovery of $9 billion belonging to a former National Security Adviser stashed in a U.S. bank.
“I also investigated the misappropriation of funds, such as the $2 billion and $850 gold bars recovered from the home of a minister, only to be looted by individuals within the government. Additionally, I scrutinized a former military governor, minister, and senator who possessed properties worth over £200 million on a Pacific island.”
On top of this, former Minister of Petroleum Resources, Diezani Alison-Madueke, has faced corruption allegations, with the recent recovery of $52.88 million set to be repatriated to Nigeria.” He added that investigations by the Panel revealed the ownership of billion-dollar estates by about 1000 individuals in Dubai, United Arab Emirates.
“During my investigation, I uncovered a disturbing instance of corruption in 2012 involving the sale of historically significant residences to key leaders of the National Assembly. These properties, which had been designated as national monuments during the tenure of President Obasanjo, were omitted from the benefits monetization scheme for top government officials.
They were subsequently sold at extremely low prices to the Senate President, Deputy Senate President, Speaker, Deputy Speaker of the House of Representatives, and even to a former Chief Justice of Nigeria who purchased the residence of the current Chief Justice of Nigeria,” he said. He lamented that the detrimental effects of corruption on Nigeria’s ecosystem have led the country, once full of promise, to be branded as one of the poorest nations worldwide.
“It’s infrastructure is subpar and insufficient, with public universities and healthcare facilities failing to meet basic standards. Nigeria’s reputation as the poverty capital of the world is a stark reminder of the immense impact corruption has had on the nation,” he said. To tackle corruption, Obono-Obla, argued that Nigeria must enhance its institutions, foster transparency and accountability, and ensure that individuals involved in corruption face consequences for their actions.
“To effectively combat corruption, non-governmental organizations (NGOs) and civil society groups, such as the National Association of Seadogs, must take a proactive stance. They should be at the forefront of this fight, engaging the civil society groups, such as the National Association of Seadogs, must take a proactive stance. They should be at the forefront of this fight, engaging the civil society, legislature, and government to drive meaningful change,” he noted. He also pointed out that one potential strategy to consider is the introduction of the death penalty for specific categories of corruption and financial crimes.
