Poor Contract Negotiations Are The Cause Of Illicit Financial Flows — Osinbajo

On Monday, the Vice President, Prof. Yemi Osinbajo, said poorly negotiated economic agreements had been the cause of illicit financial flows and losses for many nations.

Osinbajo, at a program in Abuja, tagged ‘physical and virtual capacity building for Nigerian negotiators’ organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), stressed 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 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 at all time.