1. TRANSPARENCY AND ETHICAL CONSIDERATIONS IN THE DEVELOPMENT OF THE NIGERIAN ECONOMY

2. TRANSPARENCY HONESTY\SINCERITY CORRUPTION-FREE FIDELITY TO THE RULE OF LAW/DUE PROCESS

3. ETHICAL CONSIDERATIONS ETHICS : MORAL PRINCIPLES OR VALUES WHICH ARE TO GUIDE OR REGULATE CONDUCT OF PARTICIPANTS IN BUSINESS, POLITICS OR OTHER ENDEAVOURS. E.G. WORK ETHIC

4. CORRUPTION GRAND CORRUPTION i.e. large scale theft of public funds.IS ONE OF THE MAJOR CAUSES OF POVERTY IN AFRICA. Africa Union estimates corruption costs African Economies in excess of $148billion annually in both direct and indirect cost Increases costs of goods by 20% Over $100 billion of Nigeria’s funds stolen and transferred abroad.

5. PUBLIC SECTOR CORRUPTION Indicted and convicted public officials embezzled in excess of 500 billion naira by EFCC estimates Current probes into the power sector, oil and gas indicate that perhaps as much as US$16 billion may have been spent without due process in the power sector.

6. PRIVATE SECTOR, NOT PLAYING BY THE RULES BANKS, OTHER COMPANIES, IPOs and the games they play. Quarterly financial reports of banks, no full disclosure, only earnings before and after tax. (Whereas we should have information on capital ratios, asset base, deposit base, liabilities, asset quality, cash flow statements and notes to account etc) This is compliance with international financial reporting standards. Allegations against banks of having several different BOOKS of account. The panic to sell shares when CBN insisted on same year end may indicate that banks are lying about their liquidity. The Stock Exchange, Transcorp, etc.

7. CONEQUENCES OF NOT PLAYING BY THE RULES Collapse of banks and other institutions. Note current bank failures across the world. Also remember ENRON, ANDERSEN ETC. Loss of confidence in the Stock Exchange, recent flight of international hedge funds. Capital market attained peak of N12.9 trillion in market capitalization and has lost 33% of its value as of September. (Banks account for 65% of the capitalization of the capital market. 21 of the 24 banks are quoted on the Stock Exchange.

8. SOLUTIONS STRENGTHENING THE RULE OF LAW. What is the Rule of Law? Principle of governance by which all persons and authorities are subject to democratically promulgated laws. The Rule of Law encompasses law enforcement and the court system.

9. THE COST OF DISHONESTY Populations census. Elections Corruption in approval procedures, land titles etc Certificate frauds, exam malpractices and the quality of the Nigerian certificate. Non payment of rent and reduction in housing stock.

10. RESPECT FOR CREDIT AND OBLIGATION CONSEQUENCES OF FAILURE TO RESPECT CREDIT AGREEMENTS AND OTHER OBLIGATIONS. Poor individual credit rating for Nigerians locally and internationally. Reduction in number of companies, local and international willing to advance credit to Nigerian new businesses.