September 23, 2021:
The Federal Republic of Nigeria (FRN) stands in solidarity with the international community’s drive to fight corruption and improve transparency across Africa’s investment climate.
Global leaders and representatives from major multilateral institutions attended last week’s Invest Africa flagship event, The Africa Debate, which focused specifically on fostering investment across the continent.
During the event, former Foreign and Commonwealth Office Minister Rt Hon Mark Simmonds highlighted that when it comes to investment “democratic values matter”, as investment flows into stable and transparent countries with strong governance mechanisms.
Likewise, the Absa Group’s Co-Head of Sustainable Finance, Heidi Barends, called on African governments to introduce legislative and regulatory frameworks which reassure investors of their commitment to tackling corruption and improving transparency.
Discussions within the event clearly indicated that corruption remains one of the key barriers to improving investment across the continent.
The political will to tackle this issue remains strong in Nigeria.
Resetting Nigeria’s reputation
President Buhari’s administration has taken significant steps to confront the challenges of corruption in the country’s lucrative oil and gas sector, underscoring Nigeria’s reputation as an attractive investment destination.
Notably, the recent assent of the landmark Petroleum Industry Bill (PIB), which is expected to overhaul and transform the Nigerian oil gas industry, entrenches the principles of transparency to discourage future illicit behaviour.
The FRN is also actively tackling the issue of corruption in the international courts, an example of which is the Nigerian Government’s ongoing case against BVI-based shell company P&ID.
The FRN alleges that P&ID used an intricate web of bribery and corruption to secure a sham agreement with the FRN over a decade ago, which the Government believes was deliberately designed to fail from the outset. P&ID has subsequently aggressively pursued a $10 billion arbitral award through the international courts, which if enforced will derail Nigeria’s recovery from the Covid-19 pandemic.
In September 2020, the FRN secured a major legal victory against P&ID when the London High Court found strong prima facie evidence that the agreement had been procured through fraud. The ruling marked a significant victory for the FRN against P&ID, and the case will now proceed to a full fraud trial in January 2023.
With a string of legal victories against P&ID, and the introduction of ground-breaking PIB, the FRN is committed to resetting international perceptions of Nigeria as a viable and attractive destination for investment.
The FRN will continue to work closely with its international partners to combat corruption and facilitate sustainable development opportunities across both Nigeria and the wider continent.