Chairman, Independent Corrupt Practices and Other Related Offences Commission, ICPC, Bolaji Owasanoye, says Nigeria requires strong institutions to tackle corruption and illicit financial flows.
Owasanoye stated this while delivering a lecture to the participants of the Executive Intelligence Management Course 14 of the National Institute for Security Studies in Bwari, FCT.
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He said the solution to corruption, economic and security problems bedeviling Nigeria lied in building strong institutions and systems with active collaboration from state and non-state actors.
He said, “Corruption and weak governance are mutually reinforced. Corruption and weak governance impact development, peace and security in multiple ways.
“Diversion of the public budget in the expenditure side of revenue, direct looting of treasury, illicit financial flows, tax evasion, misapplication of funds, deliberate elephant projects, and contract and procurement abuse have huge implications for development.”
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