Osinbajo: Poor Contract Negotiations Lead To Illicit Financial Flows

The Vice President, Professor Yemi Osinbajo, on Monday, said the group of people negotiating contracts on behalf of Nigeria lacks basic knowledge to represent the country, just as he advocated for arbitrators to handle agreement on behalf of the nation.

He said poorly negotiated economic agreements had led to illicit financial flows and losses for many nations.

Professor Osinbajo, who stated this in Abuja at the opening of a 2-day physical and virtual capacity building for Nigerian negotiators organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), maintained that qualities of the people representing the country reflect in the economy of the nation.

The event was organised in conjunction with the Inter-Agency Committee on Stopping Illicit Financial Flows (IFFs) from Nigeria.

Participants for the capacity building were senior and middle-level negotiators drawn from the Ministries, Departments and Agencies (MDAs) of the government, who are involved in negotiating trade agreements with foreign nations and companies for Nigeria.

The vice president said poorly negotiated agreements and poor monitoring were the most significant causes of financial losses by nations.

According to him, people must be held responsible for poorly negotiated contracts while transparency and due process must be encouraged.

In his speech, the Chairman of ICPC, Professor Bolaji Owasanoye, while speaking on “Guidelines for Negotiating International Agreements for Economic Development” said the essence of governance was development.

Also speaking, the Special Assistant to the President on Economic Matters, Dr Yemi Dipeolu, said that nation must develop a core of negotiators who could tackle the menace of illicit financial flow.

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