Mr Hebert Wigwe
Group Managing Director/Chief Executive Officer, Access Bank Plc
Access Bank Plc
Herbert Wigwe is currently the GMD/CEO of Access Bank, one of Nigeria's top five banking institutions. The Bank's mission is setting standards for sustainable business practices that; unleash the talents of our employees, deliver superior value to our customers and provide innovative solutions for the markets and communities we serve. https://www.accessbankplc.com/
Tackling corruption through transparency and disclosure
Transparency in government dealings requires that people at the helm of governance-whether elected or appointed public officials-operate in an open and honest manner, such that observers have unhindered visibility and ready accessibility to easily see through their activities.
I believe that to achieve the desired level of transparency in the public procurement system, there should be adequate documentation of the procurement management processes, which must be widely publicised in a manner that ensures easy accessibility to all information by all stakeholders.
Furthermore, I believe in a process where contract award decisions are based on a widely publicised set of criteria and the winners’ names and contract sums published. This should also provide a stress-free system for verifying compliance with procedures.
I believe that if we have a globally accepted guidance framework which clearly spells out well-established rules for procurement rather than discretion by officials, we will see a drastic reduction in corruption in the public sector.
Lack of transparency in government allows for officials to engage in various degrees of dubious dealings where funds meant for public projects are embezzled and subsequently stashed in hidden locations under anonymous names in a bid to disguise their identity. I believe that there should be an international treaty which clearly spells out international sanctions for countries or jurisdictions whose laws permit the creation of anonymous companies. Such countries should face major economic sanctions and be banned from participating in global sporting events hosted by major international sporting organizations such as FIFA and IAAF. By prohibiting the creation of anonymous companies, we can create a global financial system that is transparent, efficient and accountable.
With the recent spate of corruption allegations in the world of sports, I believe that all major sporting organizations should publish their financial positions scrutinized by external forensic auditors annually. There should also be mandatory asset disclosure by all members of such organizations.