Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Corruption caused massive losses in public revenue - Osinbanjo

24 August 2015, 21:35

Abuja - The Vice President, Prof. Yemi Osinbajo, said on Monday that official corruption and privatization of public enterprises led to massive losses in public revenue.

He said this while delivering a key speech at the 55th Annual Conference of the Nigerian Bar Association (NBA) in Abuja.

He said the penchant for graft was high and Nigerian spent a lot of time meant for creativity to pursue wealth.

"Official corruption and privatization of public resources have caused massive losses in public revenue.

"Indeed the truth is stranger than fiction in this matter of corruption in the public service.

"Dysfunctional government bureaucracies, waste and misallocation of resources.

"A great deal of talent and enterprise that should focus on creativity and innovation is concentrated in wealth seeking activities.’’

The vice president urged lawyers to find means of shedding the public garb that justice could be bought to remove the legal profession from all sorts of compromise.

Also read: 'No sacred cows in fight against corruption'

Osinbajo said that enforcing contracts and the general area of dispute resolution in the country were bugged down by ''judicial process that is slow, burdensome and notoriously open to dilatory tactics.

"Perhaps even more damaging to attracting investments is the largely and compelling narrative that Justice can be purchased.

"This is a major problem of perception in our justice system and of cause a major problem of bringing business in the country.

"Even local investment suffers when there is a sense that the Justice system can be compromised.’’

Osinbajo said that it was absolutely important that we deal with the issue of integrity in our judicial system even as we deal with the overall question of corruption.

According to him, there is no question at all that if we don’t handle corruption squarely our justice system will be so degraded that it will be practically impossible to get very much done or to encourage anyone to come into our economy.

He advised the NBA members to find ways of ensuring that authentic dispute resolution were not caught up in the slow moving justice system. "Applications of all types in the civil courts to stop or delay arbitrary processes run their slow course in many business disputes.

"An economy that must provide jobs for 80 per cent of graduates from our universities and a youth unemployment population of 40 per cent cannot afford destructive delays in creating these wealth opportunities.’’

The vice president said it was the plan of the administration to initiate consultations at the highest levels of government to re-write the story of the nation’s business environment.

Osinbajo mentioned the challenges in the power, infrastucture, employment, and monetary policies and said the administration was committed to finding lasting solutions to them.

In an interview with correspondents, a former President of the NBA, Mr Olisa Agbakoba, (SAN), said that the citizenry needed more action from the government to demonstrate the need for change in the country.

He said the NBA was glad that government was talking tough on corruption and that the association was ready to key into the programme.

"One of the challenges we are posing to government is that we have had so much of talking on different issues.

"What we would now like to see is action.

"So, if for instance you say you want to fight corruption, in what way?

"How will you be able to recover all the loot because access to that is easy?

"I think the essence of the conference is that when we leave here government can begin to take action that we can measure.

"If you want to turn around poverty we can see so. If you want to see new jobs, NBA is demanding action from our government.’’

Agbakoba said it was not true that counsel were deliberately slowing down legal processes and said it was the responsibility of judges to speed up all legal matters.




Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...