Systemspecs, a Nigerian indigenous software giant that seeks to be the leading provider of robust support solutions across various industries in Africa, has partnered the Convention on Business Integrity (CBi) to promote ethics and integrity in Businesses.
The African leading software firm and CBI joined other top organisations such UNDP and the European Union to support the 5th Annual Christopher Kolade Lecture on Business Integrity on Thursday, June 29 2017.
The lecture themed ‘Prevention is better than cure even on the issue of corruption’ sought to highlight the need for Nigerian organisations to incorporate integrity and shun corruption in their business dealings, as a basis for building lasting enterprises.
Adedeji Olowe, executive director at SystemSpecs said that it is natural for the software heavyweight to identify with any venture that will advance the cause of sound ethics and governance in the country given the critical role they play in business sustainability.
“The foundation of SystemSpecs is built on the principle of governance, ethics and integrity,” Olowe told BusinessDay on the sideline of the lecture which held at D Venue Events Center, Lekki, Lagos.
“Nigerian Businesses Should entrench integrity in their culture because a business built on ethics, integrity and governance will always outlive its founders. Without integrity, the foundation of the business will be faulty and if the foundation is faulty, the House will not last.”
Analysts say that corruption and lack of integrity in public and private businesses has cost Nigeria hugely as almost all institutions are decrepit. The country’s educational system has almost collapsed, producing mostly graduates that are not fit for employment; the health sector is almost dead as budget for the sector has fallen short of WHO minimum requirement for over a decade.
Yemi Osinbajo, Nigeria’s acting President is quoted to have audience the 50th anniversary of the ‘House of Lords, Nigeria’ the University of Ibadan last year that lost close to N4.58 trillion, more than half of the country’s foreign reserves, to corruption in the provision of security equipment in the military.
Even though successive Nigerian governments have introduced measures to curb corruption, the malaise appear to be deeply ingrained in the lifestyle of Nigerians, even in the country’s business culture.
According to Olusoji Apampa, co-founder and chief executive officer of the Integrity Organisartion, parent body to Cbi, Nigerians tacitly promote corruption in their daily family activities.
“This has given rise to a situation in which young people have come to learn that character, competence and innovation don’t count,” said Apampa at the Kolade lecture. “Success therefore seems depend on the level of cunning, the ability to share, and the ability to ‘carry your people along’”.
A PWC report on the impact of corruption on the Nigerian economy estimates that with the current levels of corruption, the country will lose close to $2,000 per person by 2030.
Realising the dangers of corruption on the economy, Muhammadu Buhari, Nigeria’s president, made clear his determination to curb the menace in the polity. One of the major tools he has used in this regard is the Treasury Single Account (TSA), a set of linked accounts by government to ensure all revenue receipts and payments are done through a Consolidated Revenue Account (CRA) at the Central Bank of Nigeria (CBN).
Remita, SystemSpec’s flagship product, is the reliable software that has powered the TSA initiative. According to the Sunsystem’s executive Remita has enabled transactions valued at over N9.17 trillion in the TSA.
Remita has become the most revolutionary financial technology solution out of Africa, facilitating seamless electronic financial transactions across different sectors for more than a decade.
Olowe said that Nigerian organisations need leaders with the integrity DNA to curb the menace of corruption because as Apampa said, corruption is the reason investors may come to Nigeria, but may not stay; it is why funds may be invested, but few gain.
INNOCENT UNAH
