We may need a Proceeds of Corruption Investment Directorate

By Ayo Akinfe

(1) So Senator Orji Uzor Kalu has been sentenced to 12 years in jail for embezzling $21m. Personally, I doubt if he will serve his sentence as trust then Nigerian elite, they will always find ways around the law

(2) Senator Kalu will almost certainly appeal and while the appeal is pending, he will apply for bail. While out on bail, he will most likely reach a deal with the government allowing him to return some of the money in exchange for his freedom

(3) It is only poor people who go to jail for theft in Nigeria. As we know from past experience, the well-off always find a way to navigate their way around the corruption minefield. When one looks at the plea bargaining deals Godswill Akpabio, Danjuma Goje, Musiliu Obanikoro and Abdullahi Dikko reached with the government, you can see that it is easy to get away with murder if you are wealthy

(4) As a people, we have to ask ourselves what is more important in this corruption war. Sending out a message to serve as a deterrent to future thieves or recovering the money and investing it for the benefit of the masses

(5) So far, Nigerians are yet to see the benefits of the anti-corruption crusade as none of the recovered money has been used for any recognisable tangible project. I am yet to see one infrastructural project that one can point to which was built with the proceeds of corruption

(6) Do you know that after the January 1966 coup, the government of North Central State used the money left behind in the New Nigerian newspaper account by Ahmadu Bello to build a staff quarters in Malali Village in Kaduna. Can you imagine any governor leaving money behind today for such a project?

(7) Now, $21m is not chicken change and will go a long way to develop infrastructural projects in Abia State. It would for instance build a housing estate, a university or a general hospital

(8) I would like to see the $21m they will get from Orji Uzor Kalu when he enters his plea bargain used for something significant that will benefit the masses. Unfortunately, there is no agency, parastatal or directorate that specifically deals with recovered funds

(9) In my opinion, we do not need both the EFCC and ICPC. One should be converted into an investment directorate to invest the proceeds of corruption. All recovered monies should be invested in states from which they have been looted

(10) With our infrastructural challenges, I think we should be exploring every available loophole. Although to be honest, the amounts are infinitesimal but it maybe a good idea to name facilities built with these proceeds after the looters. Maybe the ignominy of naming and shaming them might just serve as a deterrent