• Riskology by Infortal: Episode 31 - Nigeria: Turning the Tide Against Corruption with Soji Apampa, Christopher Mason and Dr. Ian Oxnevad

  • Aug 26 2024
  • Length: 25 mins
  • Podcast

Riskology by Infortal: Episode 31 - Nigeria: Turning the Tide Against Corruption with Soji Apampa, Christopher Mason and Dr. Ian Oxnevad

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  • In Episode 31 of Riskology by Infortal, join Soji Apampa, Christopher Mason, and Dr. Ian Oxnevad as they discuss Nigeria’s fight against corruption in the post-Covid era. Soji, Chris, and Ian discuss the grassroots and civil society efforts in Nigeria and West Africa to combat corruption and increase business transparency. The Fight Against Corruption and the Role of Civil Society Soji Apampa, a leader in the anti-corruption space, shares his experiences in promoting ethical business practices in Nigeria and the evolution of corporate compliance in the region. Contrary to top-down regulatory regimes in the US and Europe, anti-corruption efforts in Nigeria underscore the need for effective collective action from the private sector and civil society. Culture Matters: From a Perception of Anti-Government to Anti-Corruption Soji’s journey in integrity and anti-corruption began when he returned to Nigeria as a civil and structural engineer. Frustrated by the rampant corruption and trade malpractices, he took it upon himself to help instill a culture of transparency and anti-corruption. Over time, these efforts shifted the culture where “anti-corruption” was deemed to be “anti-government” to a culture of increased transparency and professionalism. Despite initial setbacks, the support from like-minded individuals and organizations paved the way for significant progress. Culture Matters: Regulations in the West Don’t Work the Same Way Elsewhere Initially, practices such as bribery were not only common but also tax-deductible in countries like France and Germany. Countries like the US, UK, and France have even historically topped indices for bribery, despite stringent anti-corruption laws. A critical factor in the success of compliance programs is the cultural context within which they operate. Corporate culture often reflects broader societal norms, impacting how compliance policies are perceived and implemented. When Going Abroad, You Need a Guide Understanding local dynamics is crucial as even the best compliance plans can falter if they don’t align with ground realities. Unlike the abstract nature of high finance, industries such as shipping depend heavily on functional relationships between shippers, locals, and governance. This sector demonstrates that proper collaboration ensures essential goods move smoothly, maintaining daily life. As bottom-up initiatives help combat corruption, greater diversity in the business environment will become more localized. At the same time, avoiding violating laws like the Foreign Corrupt Practices Act (FCPA) initiatives and local laws requires having a “local guide” help you navigate new business environments. Intelligence and local connection matters. Nigeria’s Success Now a Model For the “Global South” The Nigerian model of tackling maritime corruption has inspired similar reforms in other key global ports and regions. Nations such as Egypt, India, Pakistan, Bangladesh, and Ghana have begun adopting similar frameworks, showing promise for broader anti-corruption efforts. Countries like Nigeria, which show real structural changes, may not immediately reflect these in perception surveys, yet they offer untapped potential for investors aware of these developments. This forward-looking approach, integrating both retrospective analysis and future opportunities, aims to not only continue the fight against corruption but to set an example that ripples out to other industries and regions trying to roll back corruption. Resources Infortal Worldwide Email Chris Mason on LinkedIn Dr. Ian Oxnevad on LinkedIn Soji Apampa on LinkedIn
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