‘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.