{"id":197745,"date":"2022-06-21T08:46:46","date_gmt":"2022-06-21T07:46:46","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=197745"},"modified":"2022-06-21T08:46:46","modified_gmt":"2022-06-21T07:46:46","slug":"icpc-nigeria-needs-improved-negotiation-skills-to-curb-illicit-financial-flows","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/06\/21\/icpc-nigeria-needs-improved-negotiation-skills-to-curb-illicit-financial-flows\/","title":{"rendered":"ICPC: Nigeria needs improved negotiation skills to curb illicit financial flows"},"content":{"rendered":"<p>The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has called for better negotiation skills in curbing illicit financial flows.<\/p>\n<p><span class=\"acssf62a8\">Illicit financial flows (IFFs) are illegal movements of money or capital from one country to another for various reasons.<\/span><\/p>\n<p>The call was made by\u00a0Bolaji Owasanoye, <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/26\/icpc-decries-sexual-harassment-says-its-corruption\/\">ICPC<\/a> chairman in his opening remarks at the commission\u2019s two-day workshop on mitigating illicit financial flows, according to a statement by Azuka Ogugua, ICPC spokesperson.<\/p>\n<p><span class=\"acssf62a8\">The workshop, themed \u2018Capacity b<\/span><span class=\"acssf62a8\">uilding for Nigeria\u2019s negotiators for improved terms of engagement with the rest of the world\u2019, was recently held at the commission\u2019s headquarters in Abuja.<\/span><\/p>\n<p><span class=\"acssf62a8\">Owasanoye said globalisation has made interactions with diverse global communities inevitable.<br \/>\n<\/span><\/p>\n<p><span class=\"acssf62a8\">However, he said the rules of engagement are typically unfavourable to poor economies of the global south who lack the development and technological advancements of the global north.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThis has often led to poorly constructed trade agreements which have ultimately been disadvantageous to the growth of the country and also opened loopholes to encourage <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/05\/driver-arrested-with-1124-live-cartridges-illicit-drugs-in-delta\/\">illicit<\/a> financial flow,\u201d he said.<\/span><\/p>\n<p><span class=\"acssf62a8\">Owasanoye illustrated the archaic practice of European superpowers using their military might to cohesively reach a one-sided agreement with economic \u201cminions\u201d.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">The \u201cgunboat diplomacy\u201d, he said, eventually forced nations without capacity to depend on imperialists for raw materials and overseas markets.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThis inimical approach was eventually countered by the Hague Convention (No 2) Respecting the Limitation of the Employment of Force for the Recovery of Contract Debts of 1907 and then replaced by diplomatic protection whereby states exchanged notes on how investors should be treated by other governments,\u201d he said.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">The ICPC boss outlined several reasons why there was a need to focus on capacity building to improve negotiation skills especially in the trade and investment sector.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cNigeria requires trade and investment to grow the economy. To attain this desire, we must have the potential to harness capital and technology in a manner that is not inimical to development,\u201d he said.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">Also speaking at the event, Adeyemi Dipeolu, chairman, inter-agency committee on stopping illicit financial flows (IFFs) from Nigeria, said \u201cthe consequences of poor negotiations can range from paying twice as much as your neighbour for the same item to costing your country a billion dollars in a mining concession.\u201d<\/span><\/p>\n<p>Meanwhile, ICPC said participants for the workshop were drawn from middle level officers in public sector agencies that undertake negotiations due to the range of issues addressed in the workshop.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has called for better negotiation skills in curbing illicit financial flows. Illicit financial flows (IFFs) are illegal movements of money or capital from one country to another for various reasons. The call was made by\u00a0Bolaji Owasanoye, ICPC chairman in his opening remarks at the commission\u2019s [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":106293,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[20970,769,1694,303],"class_list":["post-197745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bolaji-owasanoye","tag-icpc","tag-illicit-financial-flows","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ICPC: Nigeria needs improved negotiation skills to curb illicit financial flows<\/title>\n<meta name=\"description\" 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