The Founding Consultant at Skye Advisory Ivie Omoregie speak on Fraud and Corruption – Determining the Greater Evil for Nigerians. She disclosed some of the laws regulating fraud in Nigeria and the effectiveness of the legal enforcement framework.
She highlighted some of the point on Corruption vs fraud as :
Corruption leads to the misappropriation of significantly more revenue than the world’s 419 activities combined;
Corruption has lead to the lack of opportunities, which has now formed the foundation for the majority’s interest in 419 activities;
Corruption is the reason why many international companies consider Nigeria a “high risk investment”;
Corruption is also the reason why there seems to be an ineffective law enforcement framework to punish persons errant of the law;
The government has not empowered the public and private sector with polices which engage youth in meaningful employment;
Aside from enacting laws which in reality will never be completely enforced, what are the alternative solutions proffered for these menaces.
People choose the path which they wish to follow, and this can be either good or bad;
A minority of the population who are engaged in illegal activities are spoiling prospects for the majority;
Distrust caused by previous 419 activities is making it difficult for honest business men and women to do international trade or ask for any form of credit from their suppliers;
Majority of the 419 business men are motivated by an unnecessarily lavish lifestyle, investing the proceeds of their activities on cars, first class flights and champagne;