REGULATION OF CORRUPT PRACTICES IN NIGERIA

The recent attempts by the Federal Government of Nigeria to prosecute the former Vice President of the United States for complicity in the Halliburton saga, brings to the fore the high profile efforts on the part of a number of governments to clamp down on all forms of corrupt practices and illicit financial inducements involving corporate concerns.

In the US, both the DOJ and the SEC have heightened their monitoring and enforcement mechanisms to give more bite to the Federal Corrupt Practices Act (FCPA) with a view to stemming violations by companies doing business in sub-Saharan Africa, among other regions of the world. Along similar lines, the UK Bribery Act 2010, which comes into effect in April 2011, creates new criminal offences relating to corporate corruption. Similar legislations are in place in Nigeria, like the Corrupt Practices and Other Related Offences Act 2003 Cap. C31 LFN 2004, the Economic and Financial Crimes Commission (Establishment) Act No. 50 of 2004 and the Money Laundering (Prohibition) Act, 2003 Cap. M18 LFN 2004.

Our firm is strategically positioned to provide effective legal advice to our clients on potential pitfalls and the likely risk areas that ensnare corporate concerns investing in the Nigerian economy. We can assist in structuring an anti-corruption compliance program inclusive of all related due diligence efforts to ensure compliance with local and foreign legislations. Our goal is to provide the much needed comfort and confidence that would facilitate our clients’ business operations, having regard to the increased scrutiny of foreign investments and corporate dealings by our clients’ home governments.

SPA Ajibade & Co.
Lagos, January 2011.