Lawyer and Group Managing Director of Capitalfield Investment Group Limited, Raphael Lewu, has called on the Nigerian government to strengthen anti-corruption enforcement and ensure the prosecution of offenders to attract long-term foreign investment.
Lewu said corruption, weak accountability and the failure to prosecute reported cases undermine investor confidence and make it difficult for Nigeria to attract patient capital into its economy.
Speaking during an interview on Arise News on Sunday, he argued that investors consider the effectiveness of a country’s institutions, particularly its ability to guarantee transparency and provide timely justice when disputes arise.
He said: “It’s important that perhaps we begin to make scapegoats of those that will help us. For you to be able to do this, you would need someone to report an incident. When that is reported, what do you do with it? If the person you’re reporting is shielded from, say, investigation or prosecution, then you’re not going to get anywhere.”
Lewu maintained that the government must demonstrate its commitment to accountability by ensuring that reported cases lead to investigations and prosecutions.
“If the government is able to make a scapegoat of a few, then people will begin to see that they’re serious. Leadership has to come from the top. And then others will follow,” he said.
The investment executive identified corruption as one of the major obstacles confronting Nigeria’s efforts to attract long-term investors, alongside policy inconsistency, inflation and infrastructure deficits.
He explained that investors seeking to establish businesses in sectors such as manufacturing, processing, oil and gas require a stable operating environment, transparent contractual arrangements and confidence in the country’s dispute resolution system.
“Transparency is important. You have contracts with people. As you know, investors come with a lot of capital and the experience and knowledge of stable economies. And so they will expect such to be what they will find in the country they’re playing,” he said.
He added that uncertainty over access to justice could discourage investors who are unwilling to commit substantial capital to an environment where disputes may not be resolved within a reasonable period.
“If you’re not sure you will get justice at record time, the time required for you to do that, you’d be scared,” Lewu said.
He stressed that effective leadership and consistent enforcement of regulations were necessary to build investor confidence and create an environment capable of supporting sustainable economic growth.
Faridah Abdulkadiri
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