Published On: Mon, Oct 12th, 2015

Firms make strides in tackling kickbacks

kick back finLAGOS, (CAJ News) – MOST Nigerian headquartered companies have formal policies in place to explicitly forbid bribes.

This is according to a survey suggesting 84 percent of the companies have such policies in place.

The companies, responding to Control Risks’ annual survey “International Attitudes To Corruption” forbid bribes, almost closing the gap on the global average of 87 percent.

This is one of a number of positive developments highlighted in the report, published today by Control Risks, the global business risk consultancy.

Of companies with Nigerian headquarters, only 25 percent have a board director and/or a compliance committee with specific accountability for anti-corruption – half of the global average of 50 percent and significantly behind South Africa, with 64 percent.

Only 34 percent have anti-corruption training in place for employees and only 16 percent have an additional training programme for senior  executives and board members – only Indonesia (11 percent) and Colombia (9
percent) are further behind.

Some 44 percent have a standard clause in agreements with sub-contractors forbidding the payment of bribes (global average 58 percent).

“We are certainly seeing a positive change in attitude and awareness towards corruption across the region. The Buhari administration will ensure this focus remains high on the agenda,” Tom Griffin, Senior Managing Director, Control Risks West Africa, said.

CAJ News

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