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Anti-bribery and corruption compliance in Nigeria
Journal of Financial Compliance,
4
(1),
76-82
(2020)
Abstract
Compliance has received increased attention since the late 1990s. Countries have either enacted new and stronger laws and/or increased enforcement of existing laws to address specific areas, especially in the areas of bribery and corruption, money laundering, labour and data privacy. As will be seen, the laws of certain countries have extraterritorial impact, and are able to sanction crimes committed outside the shores of such countries. What is the status of the law in Nigeria in relation to anti-bribery and corruption (ABAC)? This paper seeks to offer a broad definition as to the meaning of bribery and corruption, as well as highlight the regulatory framework for ABAC compliance in Nigeria. It also provides guidance for businesses in Nigeria as to the leading practices to prevent, detect and respond to incidences of bribery and corruption.
Keywords: anti-bribery and corruption; compliance; adequate procedures; failure to prevent bribery; FCPA; UKBA; official bribery
The full article is available to subscribers to the journal.
Author's Biography
Austin Mbadugha is a Partner at NICCOM LLP, a fast-paced law firm in Lekki Phase 1, Lagos, Nigeria. He was formerly a Manager within the Forensic & Integrity Services unit of Ernst & Young, and has worked in a number of countries in sub-Saharan Africa. His core areas of expertise are Investigations, Data Privacy, Corporate Compliance, Transaction Forensics and Due Diligence.
