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.

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.