The Bane of Corruption in Business Practices in the Private Sector

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Being Paper Presented at the 8th Annual Forum of The Laureates of the Nigerian National Order of Merit (NNOM) and the Award Winners’ Lecture.

Nigeria is the worlds’ 15th most corrupt nation, according to Transparency International’s Corruption Perception Index and people everywhere have learned to be extra cautious when doing business in or with Nigeria. Generally as a result of the 419 scourge, countries around the world are weary when they encounter things Nigerian. However, today, despite all that, the Dangote brand is rated one of the top 10 most valuable brands in Africa. Dangote Cement is arguably Nigeria’s most capitalized company on the Nigeria stock exchange with projects and operations in Nigeria and 14 other African countries with plans to add another 4 to make 18. Oando Plc in a few short years is listed in Johannesburg, Toronto and is hatching plans to raise further capital on the London Stock Exchange. Nigerian banks seem to have spread all over Africa and the President of Nigeria assures the country that it will remain a top investment destination in Africa.

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