The Bribecode at a Glance.

‘Bribecode’ is shorthand for the proposed ‘Corporate Corruption Act’.

Main Provisions, in 5 Bullet Points.

  • The law applies to companies only, not individuals.
  • If a company is convicted of an offence involving corruption and the relevant amount is N1,000,000 or more, it is liquidated and its assets are forfeited to the state. ( Exception: where a company has many shareholders who are not involved in management. Instead of liquidation, its board of directors – and staff within the ‘sphere of governance’ – may be sacked, and the shares of the controlling directors and shareholders forfeited to the state treasury.)
  • Whistleblowers who bring information leading to the prosecution of companies under this Act are protected, and compensated with a reward of up to 1% of the forfeited assets of the company. (Companies are entitled to set up business as ‘corruption watchdogs’ for this reward.)
  • The law has no retrospective effect and no company can be liquidated or sanctioned under the law based on anything done prior to its enactment.
  • Safeguards are built into the law to prevent abuse and serious penalties are prescribed for people who lodge false information against companies or individuals.
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9 Responses

  1. Kayode Olatuyi

    March 19, 2015 12:03 am

    Great idea! The rationale and the steps are all well thought out. My fear though is that, Bribecode seemed to have omitted the hotbed of corruption – the civil service. I put the corruption perpetuated in the civil service at 80% of corruption in Nigeria. Albeit, I believe that Bribecode is a bold and honest attempt to tackle the Achilles heel of Nigeria’s greatness.

    Reply
  2. Hassan Oladimeji

    March 19, 2015 9:48 am

    The fear that the Bribecode seemed to focus on companies and not the civil service is not genuine. Though the statistics put the corruption in public service at 80%, the indirect beneficiaries of the proceeds of corruption are the companies. The adage the thief is not to be blame as much as the buyer of stolen good plays out here perfectly.

    The logic to break the vicious cycle at the point of gain of corruption is very effective. I am Hassan Oladimeji & I support the Bribecode

    Reply
  3. EMMANUEL CHUKWUEMEKA NNALUE

    September 1, 2015 5:03 pm

    I support Bribecode and especially the focus on companies. This is because, the companies are used to perpetuate this looting or to conceal its proceed.
    I remember the case of Oceanic Bank Plc, where Cecilia grounded the bank through multiple companies. Most of these companies where register with children’s names and fake or inflated contracts were mischievously awarded to them by the bank. Imagine if we had Bribecode then. Oceanic Bank couldn’t have gone extinct.

    Reply
  4. Ismayl

    April 18, 2017 7:51 am

    i personally have witness somany misconducts in the affairs of international companies in nigeria, includin which are
    -many citizena, most especially the chinese, register their phone numbers using strangers. they pay people to do registrations for them, using wrong datas. i once met one and when i protested, he quickly mooved away
    -they employ and commit wrongs on nigerians, violating many rules.
    -they scoop away nigerian currency illegally through money laundering

    Reply

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