110m Nigerians live in extreme poverty, says Osinbajo

One Hundred and ten million Nigerians live in extreme poverty, which accounts for the high illiteracy figures and shocking infant and maternal mortality rates. It is also the reason over a million Nigerians die yearly of preventable causes,Vice President Prof. Yemi Osinbajo has said.

Delivering a lecture titled: Beyond Compliance: Imbibing a Culture of Business Integrity, at the Third Annual Christopher Kolade Lecture on Business Integrity in Lagos, Osinbajo said when a large swathe of the population is excluded, with no stake in society because of poverty, the society is endangered.

Organised by the Convention on Business Integrity (CBi), a company limited by Guarantee, Prof. Osinbajo used the opportunity to highlight the present administration’s policies on anti-corruption and specifically business integrity. He said the Muhammadu Buhari administration was committed to the fight against corruption.

According to the Vice President, poverty and corruption are two major related ills confronting the nation. “Poverty and corruption are two major related ills confronting  our society. My question is, how do we respond to the ethical dilemma of poverty amidst mindboggling wealth?

“Corruption on the other hand is perhaps the single most potent cause of poverty. The systematic stealing of the commonwealth by a few individuals – in public and private sectors,” he said.

Osinbajo while noting that it was not possible for anyone without integrity to still have integrity in his business, said, “Integrity must reflect in behaviour, it is an accepted standard.” He added that integrity should be an acceptable standard and aspiration of every business leader.

While reiterating that the present administration’s vision and mission was to give meaning to the life of every Nigerian, he noted that the administration’s decision to fight corruption was in the interest of Nigeria and Nigerians.

Osinbajopointed out that corrupt practices, weak public and private institutions, as well as public policies, were the greatest threat to the stability of the economy. “The most important thing is to do things right. It is important that what we do comply with the rule of law.

“There is need to ensure that people’s rights are not trampled on. And there is need to ensure that people face the consequences for wrongful actions. That balance is necessary. The administration will ensure that loopholes compliance are plugged and those responsible for creating loopholes will face the consequence,” he said.

Earlier in his opening remarks, Dr Christopher Kolade noted that Nigeria was a difficult place to practise integrity because corruption was perceived as the norm. “We use corruption in our conversations than we talk about integrity. Integrity should feature more in our conversations. Integrity is meant to be natural to human beings,” he said.

The third in the edition, the annual Christopher Kolade lecture series is emerging as a forum for businesses to engage with experts and with each other on business integrity issues. The event addressed the existing and potential regulatory impetus for sound business practices, and urged businesses to improve their competitiveness by going beyond the letter of corporate governance codes and anti-corruption laws to imbibe the spirit of ethical business practice.

The event was attended by top government dignitaries from the private and public sector as well as managing directors of private and public companies, members of the diplomatic corp and other notable stakeholders