Why S29.9bn loan will not have impact on economy —ICSAN boss

The $29.9billion foreign loan being sought by the Federal Government may not make any impact on Nigerians if corruption is not tackled seriously in the country.

President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Dr. Nat Ofo, stated this at the 40th Annual Conference of the Institute held in Lagos, recently.

According to Dr. Ofo, since the loans past governments got had made little or no impact on the citizenry, “what is the possibility that this one will not go the way of others when they have not tackled corruption seriously?

“I am not keen on the foreign loan the Federal Government is seeking for. I am not enthusiastic because corruption has not been dealt with. Unless something special is done, the foreign loan they are seeking may be frittered.

“And if this happens and the money is not used for the purpose it is meant, it will be a big shame and disappointment. The only thing is that government should deal decisively with corruption. It can win it and it should continue the onslaught on those who will be the clog in the wheel of progress of this country”, the ICSAN President stated.

Earlier in his keynote address on the theme of the Conference, “Corporate governance as a spring board for socio-economic renaissance”, the President of the Nigerian Bar Association (NBA), Abubakar Balarabe Mahmoud, SAN, had said that corporate governance would boost economy in Nigeria if its practices are fully embraced.”

Mahmoud, whose paper was delivered by the Secretary General of the association, Isiaka Ajibola Olagunju, said: “Corporate governance practices would be a catalyst to socio-economic revival in Nigeria if fully adopted because it is a practice that gives investors assurance that they would get a return on their investment.”

The NBA President further said: “When companies in Nigeria fully embrace corporate governance practices, they become attractive to investors. It is a well known fact that investors will not hesitate to take their money around the globe in search of companies with credible and recognisable corporate governance arrangements.”