ASSET DECLARATION: a MUST DO to tackle corruption

The Usual Trend:

Once upon a time was an individual whom prior to occupying political office was struggling to make ends means, or perhaps living a life with no affluence not befitting to be in the category of the big boys in the society. 

Then the election comes forth and he/she perceives that as an opportunity to break even, to meet all his or her material and financial ends, entailing an opportunity to drive the best of cars, acquire the luxurious of  properties all over the world and of course, an opportunity to have “swelling bank accounts”.

Changing this mindset is the first of many steps in achieving efficiency of service to the people and efficiency in resource allocation for the countless projects embarked by the government. 

For example, the spate of wastages in government expenditure, as evident by the alarming incomplete projects sprawling across the country (Nigeria) is one of worry, depleting the chances of a bright future for generations unborn. An example in this vain is the report by The Punch, Nigeria, as thus “a finding in 2011 by the Presidential Projects Assessment Committee led by Architect Ibrahim Bunu, a former Minister of the Federal Capital Territory, had reported that there are 11,886 abandoned capital projects which will require N7.78 trillion to complete.” < http://www.punchng.com/opinion/continuity-of-project-implementation/>

It should be noted that the staggering numbers of wastages is not attributed to the government being broke but corruption, encouraged by the fact that these contract awarders (Government officials) would not be checked neither would they be held responsible for a shoddy contract executed nor incomplete project implemented. To cut it short, the lacking accountability factor is to blame for such excesses. 

These all said, this work would focus on the need for asset declaration to be employed as a root tool to tackle corruption. 

Attaining Efficiency in Asset Declaration:

 

Every government functionary, especially the elected and appointed by the elected (referring to the Ministers, commissioners e.t.c.) must be financially checked and investigated prior to being in such ‘exalted’ office and sequel to leaving, as this is one of the many steps in fighting corruption. In achieving the aforementioned, the urgency of monitoring the financial excesses by these individuals should not be ignored, as this would be one of the many steps to mitigate corruption, thereby ensuring that accountability is attained. 

However, the benefits of assets declaration are numerous as it increases the transparency levels in the country, thereby promoting the integrity of the few tasked with leading the majority in the nation.  

In achieving an efficient Asset Declaration Scheme that would combat souring corruption levels, it is expedient to identify four asset declaration phases. 

These are:

·         Declaration of assets prior to winning political power: Upon being declared winner at the polls, every winner, at all levels of government in which election is contested must declare his or her assets. The benefit of this is that upon assuming political office, the financial excesses by these anticipated leaders would be exposed and save the nation from an intending looter.

·         Declaration of asset prequel to re-contesting a political office: Any individual interested having an extension of national service, with respect to re-contesting the political office occupied by him or one different one must submit his or her assets for verification to the appropriate financial crime regulatory institution (EFCC/ICPC in Nigeria), which should be independent from the legislative and Executive arm of government to devoid such findings from manipulations.     

·         Declaration of Asset sequel to leaving political office: Upon vacating a political office either at the expiration of one’s term, impeachment, sack or loss at the polls or voluntary decision not to shrug it out at the polls, every individual must have his or her asset declared. This has the focal advantage of discouraging corrupt activities by those whose primary aim of getting into power is to enrich their pockets. In addition, attaching harsh penalties to such activities is very pivotal, as the level of harshness of the punishment strengthens the efficacy of the asset declaration system in place  and 

·         Third party Check: Except when deemed necessary, the check of assets of close ties to the individuals being investigated should be employed. This stage is that to be employed when the asset put forward by the individual with questionable financial dealings is deemed to be inaccurate and deceitful to the state. Third party checks could also include: close relations, with respect to nuclear and extended families; business partners and other individuals considered to be allies with the questionable individual. 

The aforementioned is expedient, due to camouflage assets that may be declared by some.  

More to Asset Declaration:                 

   In achieving efficacy in Asset Declaration, the following should be closely considered:      

The Nature of the Asset Declaration Laws: This entails the frequency (like discussed earlier) to which such assets are to be declared; if such assets should be made to the public; when deemed questionable, if the investigations would be made to the public and the punishment meted to individuals found guilty of embezzling government funds. 

The Banking System: The efficiency through which Banks and other financial institutions in a nation are monitored could help ease the investigation of individuals with questionable monetary assets, as financial transactions in their stead would closely be observed. 

Immunity Clause: No government functionary, irrespective of position should be protected by the immunity clause, in such the immunity clause should be abolished. In Nigeria for example, the immunity clause has over the years been an umbrella in protecting government officials found wanting of corrupt practises.

It is imperative to note that a zero immunity clause would be a remarkable way of achieving efficiency in government. 

In my words, immunity clause is nothing but a corruption covering umbrella.   .

 Some Deep Thoughts:

It is imperative to note that the efficiency of asset declaration in a given geographical location is dependent on the nature of the system in place, comprising the available laws and individuals in all arms of government.

By the laws in this respect, the frequency to which individuals in government are mandated to have their assets declared and investigated would go a long way in mitigating illicit financial activities and of course corrupt practices. In addition, a zero or poor asset declaration practice system would propel their desire to what I perceive as serving their pockets as against the people.

 

A pocket serving government is one whose primary motive of occupying political office is the enrichment of him or herself rather than meeting the needs of the general populace while a people serving government, though rarely practiced, is that guided by a zero tolerance of corruption with meeting the needs of the people its strongest guide to measuring its effectiveness.

I believe that no government can directly meet all the needs of the people, as doing so would in the long run, financially run the government down but indirectly vis-à-vis the provision of a friendly economy and the needed infrastructural impetus like regular power supply; good roads and an efficient transport system; clean and friendly laws expedient to drive Foreign Direct Investment (FDI) which would ultimately provide the enabling environment for the citizenry to be their government and as thus provide their immediate needs.  

In my closing words, the growing trend of corruption in government is the basis for the attraction of mediocre to serve the people.