KINGSLEY NDUBUEZE AYOZIE lists measures needed to win the war against the cankerworm
According to the 2023 Transparency International’s survey on “Corruption Perception Index” , Nigeria scored 25 on a scale from 0 (“highly corrupt “) to 100 (“very clean”). When ranked by score, Nigeria ranked 145th among the 180 countries in the index, whereas the
country that is ranked first is presumed to have the most honest public sector during the period under review.
No doubt, it may be practically impossible to have a completely corruption – free society in our time,
However the likes of Denmark, Finland, New Zealand, Norway, Singapore, and Sweden are adjudged as
the least corrupt countries with low corruption perception in the world’s ranking, while the most apparently corrupt countries
are the likes of Syria, South Sudan and Venezuala (scoring 13) alongside Somalia ( scoring 11) as captured under the Corruption Perception Index (CPI).
There is no doubt that corruption is an ill wind that blows no one any good. In all honesty , this canker worm has eaten deep into our system. Its devasting impact have become so worrisome and alarming
especially in later years within our polity thereby depriving us both individually and collectively our shared values.
This write up will be focusing primarily on the role expected of professional accountants to effectively play in order to stem, mitigate or possibly eradicate this canker worm known as “corruption” and possibly bring the name of Nigeria among the lists of countries with low corruption perception globally .
The word corruption does not have a universal definition. In the words of Klitgard (1996), he
used a simple equation to illustrate the nature of corruption which is represented thus:
Corruption= (Monopoly + Discretion) – (Accountability + Transparency + Integrity).
Another school of thought sees corruption in this like manner: Abuse of office for personal gain.
· Wrong doings that are incompatible with norms or value systems.
· Abuse of entrusted power for private or personal gain.
· Combination of bribery, fraud & other related acts.
· It may further connote the act or process of corruption.
Aside the above description of corruption, a better understanding of this term can also be found inside those “offences” listed or as defined by the Independent Corrupt Practices & Other related Offenses
Commission (ICPC) Act of 2000 as amended.
The ICPC’s Act of 2000 as amended looked at corruption as an:
· Offence of accepting gratification.
· Offence of fraudulent acquisition of property.
· Offence of giving and accepting gratification through an agent. *Acceptor or giver of gratification.
· Offence of fraudulent receipt of property.
· Offence of making false statements/returns.
· Bribery of pubic officer or officials.
· Using office/position for gratification .
· Above all, offence of inflating the prices of commodities above prevailing market price or rate, etc.
In addition to the ICPC’s description of the term corruption as enumerated above, Asaolu
summarized the following as forms of corruption or corruptible offenses : Embezzlement ; fraud ;
extortion ; nepotism, cronyism and vastly, bribery (kick backs, payoffs).
It is worthy of note to state that the effect of corruption on our society with emphasis on the public sector environment can be summarized using the mnemonic called PESTLE in the school of management
representing political costs, economical costs, social costs, technological costs, legal costs and environmental costs
· Political Costs: By this, the issue of corruption undermines our democratic values and principles within our governance structure.
· Economic Costs: This can be viewed from the angle of rechanneling our public resources to the wrong destination.
· Social Costs: By this end, the issue of corruption reduces the public confidence and trust on our governance system.
· Technological Costs: Under this, the incidence of corruption can lead to wrongful investment in an unprofitable or lesser rewarding venture.
· Legal Costs: The incidence of corruption can result to unwanted litigation suit and court cases here and there which often time may not be completed if not squashed.
· Environmental Costs: Corruptible tendencies can result to unnecessary or careless exploitation of our collective natural resources further causing degradation and eventually the pollution of the
ecosystem.
In our present day world where every individual or person sees wealth aggrandizement or illegal
property acquisition as the order of the day, there is need for us as professional accountants to
collectively look inwardly on how to mitigate or eradicate the incidence of corruption within our society.
From all indications the professional accountants have a pivotal role to play in the fight against corruption. It appears that by virtue of our actions and inactions as professionals, we ultimately hold
the key to unlocking the nation out of this cankerworm that have ravaged the nation .
The negative impact of corruption often time spells doom both to their targeted victims, society in particular, the public and the government at large. Ironically, corruption cases cut across geographical
boundaries which incidentally makes it an issue of utmost concern to us as the world is indeed a global village. No doubt, their negative impact both on their victims, government, and society at large have
been highly devastating and mind blowing.
Our roles as accountants can be summarized in this manner:
· By promoting transparency, accountability and integrity at all levels.
· By openly condemning the incidence of bribery and corruption whenever it crosses our path.
· By refusing to accept and give bribes to both public or private official.
· By refusing to serve as a conduit pipe through bribery and corruption.
· By exposing all corruptible tendencies within the system without fear or favour.
· By educating the masses on and against the dangers inherent or associated with bribery, corruption and related offences.
· By enlisting and fostering public support in the fight against bribery and corruption.
· By eradicating the incidence of corruption at all costs within our domain in particular and the public at large.
· By instructing, advising and assisting the commission (ICPC’) in the ways by which fraudulent practices, embezzlement and corruption can be eliminated or minimized to the bearest minimum under worse scenario.
· By examining, reviewing and assisting in the enforcement of correction targeted at having a corruption- prone systems and procedures for public life.
· Saying vehemently NO to corruption and bribery.
· Abhorring the issue of tax evasion and the likes.
· Bringing to public knowledge any existence of conflict of interest encountered during an
assignment.
· Exposing any criminal act that may negatively impact on the public or society as the case maybe.
· Avoiding the giving and receiving of bribe under guise.
· Waging war against the looting, mismanagement and embezzlement of public funds.
· By complementing on the duties of the commission as enshrined under the ICPC Act.
Aside the pivotal role to be played by the professional accountants as highlighted above, the following
additional remedies can be pursued vigorously towards eradicating the issue of corruption within our
system and they include the following:
· Through the enactment of anti-bribery and corruption law like that of ICPC Act of 2000 as
amended that is already in existence.
· By promoting ethical values across levels.
· Adopting and encouraging the act of whistleblowing both within and around our government quarters.
· By promoting strong judicial reform system within our system.
· Promoting high level or proper record and book keeping system by all and sundry.
· By adhering strictly to all the tenents and principle of NOCLAR.
· Engaging in widespread public enlighten campaign across board that will be geared towards discouraging the incidence of corruption within our system.
· Promoting an effective internal control system across all the tiers / arms of our government.
· Engaging in regular public awareness on the dangers inherent in corruption or corruptible acts.
· Promoting an effective risk assessment process.
· Supporting fair reward for job performance amongst our government quarters .
· Instituting a purposeful leadership mechanism across board that will also serve as an antidote in eradicating the incidence of corruption within our polity.
· On the part of the government and her functionaries, they should promote the principle of accountability and transparency across board.
· Finally, there should be a collective promotion of sanctions cum punitive measures on all defaulters or indicted individuals or government officials in order to serve as a deterrent to
others who may wish to toe that line, etc.
We must all join hands to win the war against corruption in whatever capacity we find ourselves starting
from our homes , club or professional associations, religious inclination up to the government quarters as that is the only way we can of a truth we can stem the incidence of bribery and corruption .
Additionally, in our diverse roles as either Accountants, Financial/ Corporate Reporters, Tax Advisers, Tax Regulators, Cost Accountants, Strategic Financial Managers, Public Sector Accountants, Performance
Managers, Auditors and/ or Assurance Providers, our individual and collective actions can make or mar
business or investment opportunities within our domain and subsequently promote corruption & the likes.
Bearing in mind the yawning and desire of having our dear nation Nigeria being ranked as the top five
countries with low corruption perception, a lot is expected of us as Professional Accountants in order to
build trust and confidence in the mind of the general public. We must thrive to live up to our core values , stand firm to our noble institute’s motto which centers primarily on accuracy and integrity, remain resolute in our collective fight against corruption and above all comply strictly with the
ICAN code of conduct for members which was adapted from the IFAC code of ethics for Accountants.
Dr Ayozie FCTI, FCA is a Public Affairs Analyst
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