‘94% of public officials in Nigeria don’t disclose their assets’

More than 94 percent of public officials in Nigeria do not comply with the provisions of section 15 (1) (c) of the Code of Conduct Bureau and Tribunal Act on full disclosure of assets and liabilities, a new report has revealed.

Stanley Ekpa, Founder, Fixing the Future, a Civil Society Organization (CSO), said this was discovered following its Asset Declaration Compliance Survey.

At a press briefing Monday in Abuja themed, “Public Officials’ Asset Declaration and Declared Assets Verification”, Ekpa expressed worry that unless the country’s asset declaration and declared asset verification system is made efficient, contract and procurement corruption will continue unabated.

“The aim of this press conference is to draw the attention of public officials – public officials within the constitutional contemplation of section 318, paragraph 19 of Part I, and Part II of the Fifth Schedule to the 1999 Constitution of the Federal Republic of Nigeria (as amended), that the law requires all public officials, their spouses, and their unmarried children under the age of twenty-one (21), to declare their assets and liabilities, in the asset declaration forms as prescribed by the Code of Conduct Bureau (CCB).

“We are bothered that unless our asset declaration and declared asset verification system is made efficient, contract and procurement corruption will continue unabated. The scourging cost of corruption is staggering. Of the approximately US$13 trillion that governments spend on public projects across Africa, more than 45% is lost to contract corruption.

“Data from the African Union shows that Nigeria loses over $7 billion to corruption annually. At the continental level, it is estimated at $140 billion. A figure that is equivalent to the GDP of all but five countries in Africa. PwC projects that corruption in Nigeria could cost up to 37% of Gross Domestic Products (GDP) by 2030 if it is not curtailed. As we all know, corruption drains public finances, affects efficiency in governance and lowers standard of living.

“To curtail corruption in public service in Nigeria, public officials must observe and obey the provisions of the extant law on full disclosure of their assets and liabilities before and duration of their tenure in office,” he said.

He said the group would hold a National Symposium on Asset Declaration and Declared Asset Verification, in partnership with all relevant stakeholders.

“The symposium is meant to raise awareness with both outgoing, incoming and existing public officials on the need to comply fully with the legal requirements for asset declaration, and seeks creative ways for collaborative action in verifying declared assets,” he said.