Opinion

Nigeria's Corruption Rhetoric Won't Fix The Oil Sector

Posted by Bayo Okoya - Delta Analytics Lagos

28-Sep-2017


In Nigeria ‘corruption' has so many forms, so many connotations and occurs in so many settings that it has become a loaded and vague term.

At its most benign, it greases the wheels of a transaction, gets you in the room, bumps you to the front of the line.

At its most malign, it undermines the fabric of a meritocratic capitalist democracy.

The oil sector in Nigeria is riddled with corruption. It was always widely known, but since the revelations around the former oil minister Diezani Alison-Madueke have come to light, it has been unavoidable in the press.

Speaking in Nigeria this month, the head of Nigeria's Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, stated that they were attempting to extradite Alison-Madueke from London to face trial in Nigeria for massive corruption and money laundering.

President Buhari came to power on the promise of going after those who have diverted funds into their own pockets and away from legitimate recipients. The oil sector – being the biggest source of revenue for the state – has become a primary target in the fight against graft.

Magu claims that the EFCC are unstoppable in the fight against corruption, despite claiming virtually no major convictions in his mission to stamp out graft.

But what is truly audacious is this: Magu states that “Every evil that is happening now is caused by corruption: agitations, strikes, whatever.” Can this really be true? Every evil?

This clumsy generalisation is revealing. If corruption is the source of all the nation's problems, it excuses the Government (and private individuals) of all other failings: poor administration, weak political leadership, economic mismanagement, and all the ills this entails.

The Federal Government's obsession with corruption may be a vote-winner. But it is neither a success, and nor is the source of all Nigeria's ills. The fanatical drive against corruption is therefore making little progress against legitimate evils in the country, and is being deployed in such a way that is permitting inaction in the fight against many more.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

NigeriacorruptionOilDiezaniMaguEFCCGraft

More items from bayookoya


Nigeria Has Leapt Up the World Bank’s Doing Business Rankings. What Does That Actually Mean?

The World Bank this week produced their annual Doing Business report. It doesn't tell you where to invest, but it does tell you exactly how easy or hard it might be and which hurdles (or lack of) you can expect to find when you get there. Ranking each country and their progress over time is an i ...

Bayo Okoya - Delta Analytics Lagos


Posted 2 years agoPress > NigeriaWorld BankDoing Business +1

“Eze does it!”: Nigeria’s Oranto moves into Uganda

It was reported earlier this week that Oranto Petroleum – one of Nigerian many emerging indigenous oil and gas corporations – has secured two production sharing agreements with Uganda to explore for oil and gas around Lake Albert. Oranto Chairman, Arthur Eze expressed his exciting at the opportun ...

Bayo Okoya - Delta Analytics Lagos


Posted 2 years agoOpinion > NigeriaUgandaOranto Petroleum

Nigerian Oil: Blending Indigenous Roots and International Ambitions

What makes a firm essentially Nigerian? Certainly not where it operates, but rather its people. Who founded it, who directs its day-to-day management and longer-term strategic direction. Who ‘calls the shots' in other words. However, there is another question. A lot of oil firms claim to be indigen ...

Bayo Okoya - Delta Analytics Lagos


Posted 2 years agoOpinion > Nigeria

OPEC vs Nigeria: Lose-lose situation?

Last week, Nigerian oil minister Emmanuel Ibe Kachikwu indicated that Nigeria would not join OPEC oil cuts until March 2018 at the very earliest, citing a lack of stability in the nation's oil output. OPEC agreed in May this year to extend output cuts into 2018, though Libya and Nigeria were exemp ...

Bayo Okoya - Delta Analytics Lagos


Posted 2 years agoOpinion > OPECNigeriaProduction +2

Benedict Peters: Aiteo Founder hits back over corruption allegations, boasting $4bn of FDI

Despite being one of the most enterprising countries on the planet, Nigerians loves to do businesses down. What's more, it's often our own home-grown businesses. This week, one of those business has decided to hit back. Having been the subject of corruption allegations as part of Buhari's anti-graf ...

Bayo Okoya - Delta Analytics Lagos


Posted 2 years agoOpinion > AiteoNigeriaBenedict Peters
All posts from bayookoya