You are here
Home > Bar/Bench News > Proposed integrity bond will prevent corruption in contract –Osinbajo

Proposed integrity bond will prevent corruption in contract –Osinbajo

Proposed integrity bond will prevent corruption in contract –Osinbajo

Please follow and like us:

  • 0
  • Share

Ade Adesomoju, Abuja

The Vice-President, Prof Yemi Osinbajo (SAN), has expressed his support for the proposal by the private sector to impose “integrity bond” on Federal Government’s contractors as a requirement for award of contracts.

Osinbajo said the initiative would help to curb corruption in the contract process.

He noted that the private sector had proposed under the bail concept   that an erring contractor, under the intended regime, would be made to forfeit a percentage of the amount of the contract award to the Federal Government if evidence of corruption, bribery or fraud was established before or after such contract was awarded.

The Vice-President, represented by his Chief of Staff, Mr Ade Ipaye, spoke in Abuja during a ‘Breakfast Roundtable on Rethinking Business Conduct and Practices’.

The event, in which top corporate organisations participated, was organised by the Presidential Advisory Committee Against Corruption in collaboration with The Nehemiah Place and supported by Elizade Autoland.

The Bureau of Public Procurement, represented by its Director-General, Mr Mamman Ahmadu; the Minister of State for Budget and National Planning, Mrs Zainab Ahmed, and the representatives of Price WaterhouseCoopers, the Presidential Enabling Business Environment Council and the Convention on Business Integrity, were also present at the event.

In his remarks, Osinbajo said, “As we continue in our struggle to eliminate corruption in the public sector and to punish offenders, it is important to also pay attention to prevention of corruption.

“Self-regulatory measures by the private sector are as important as government measures to plug all the loopholes that encourage engagement in corrupt practices.”

 “It serves as guarantee against bribery, inducement, fraud and all other sharp practices that occur during the pre- and post-contract interactions between government and the private sector.

“The rationale behind the concept is to stop and discourage attempts of collusion from both sides of a contract to forestall corrupt practices.”

While presenting the bond concept to the gathering, Mr Adeniyi Aromolaran noted that studies had revealed that by 2030 about 37 per cent of the nation’s Gross Domestic Product would be lost to corruption “if we continue in this trajectory”.

Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]






(Visited 1 times, 1 visits today)
Facebook Comments

Please follow and like us:

  • 0
  • Share

Leave a Reply