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Presidency Replies UK Ex-Secretary of State’s Comment on Nigeria
Patel had reportedly advised investors to be wary about investing in Nigeria, adding that the country is still corrupt despite President Muhammadu Buhari’s promises.
The government made the condemnation in a statement by Malam Garba Shehu, a presidential spokesperson, on Tuesday, November 20, News Agency of Nigeria (NAN) reports.
“Trumpeting a so-called Transparency International report is a false fabrication that cannot be supported by the facts on the ground.”
Describing the statement as a ‘wicked proposition’ that lacks substance and is devoid of merit in empirical evidence established by facts, he added that the issue raised by Patel about lack of security of investment was equally false and untenable.
“Nigerian has recognized the right of the investor, both local and foreign, as enshrined in our constitution which states clearly that no investment can be taken from its owners without recourse to the law.
“Given the constitution, you don’t even need international protection for assets held in this country. In addition to the constitution, there exist several laws allowing protection for investments.
“Beyond this, this administration has moved forward by recognizing arbitration processes. The judiciary in the country has a practice code to give legitimacy to awards and arbitration clauses in agreements.
“Cumulatively, we have established a proper climate of investment on account of which, the nation has gained 24 points of excellence in the global ease of doing business index,” it added.
“Suffice it to say that the government of Nigeria, in recognition of the sanctity of the judiciary, has submitted to the jurisdiction of a court in the United States to determine the issues in dispute.
“What we can only say at this point is that Nigerians need to pity their own country for the way things were done in the past.
“By the time President Muhammadu Buhari was sworn in and took office, the only amount in the anti-corruption recovery account over 16 years of the Peoples Democratic Party was only N2 billion.
“This account has succeeded in netting over N400 billion as of today, translating to 1,360 per cent increase. This cannot amount to nothing in terms of progress,” the statement said
“This administration has introduced the IPPS, whose implementation has led to an extra-ordinary reduction of ghost workers, saving the treasury billions of naira, every month.
“The whistle-blower mechanism put in place has yielded enormously to the treasury and reduced corruption.
“In addition to several and urgent legislations targeted at the reduction of corruption, the administration has equally signed highly rewarding Mutual Legal Assistance with countries that have translated to tremendous recoveries.
“In the fullness of time, more will be said by the minister of justice and Attorney-General of the Federation (AGF),” the stated.