According to Transparency International’s 2023 Corruption Perception Index (CPI), Nigeria scored 25 out of 100, ranking 145th out of 180 countries surveyed. In this index, a score of zero represents a country perceived as “highly corrupt,” while a score of 100 reflects a country perceived as “very clean.” The contrast could not be starker: while countries such as Denmark, Finland, New Zealand, Norway, Singapore, and Sweden consistently sit at the top as the least corrupt nations, others such as Syria, South Sudan, Venezuela, and Somalia languish at the bottom.
For Nigeria, the results reinforce a painful truth: corruption has become a cankerworm eating deep into our national fabric. Its effects are devastating, stripping citizens of trust, stifling growth, and eroding shared values. It is unrealistic to expect a completely corruption-free society. Yet, the persistence of corruption in Nigeria has reached such alarming levels that its reduction is no longer a matter of choice but of survival.
This article focuses on the role professional accountants must play in stemming, mitigating, or even eradicating corruption. Accountants are uniquely positioned, by training and professional ethics, to shape transparent systems, expose malpractice, and help reposition Nigeria among countries with low corruption perception globally.
Understanding corruption
The term “corruption” has no single universal definition. Robert Klitgaard (1996) illustrated it with a simple equation:
Corruption = (Monopoly + Discretion) – (Accountability + Transparency + Integrity).
Others describe it as the abuse of office for personal gain, wrongdoing inconsistent with societal norms, or the abuse of entrusted power for private benefit. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) Act of 2000 (as amended) defines corruption through specific offences such as accepting or giving gratification, fraudulent acquisition of property, making false statements, inflating contract prices, and using official positions for undue advantage.
Corruption manifests in multiple forms, embezzlement, fraud, extortion, nepotism, cronyism, bribery, and kickbacks. Each corrodes trust, wastes resources, and undermines governance.
The impact of corruption
The damage corruption inflicts on Nigeria can be captured through the PESTLE framework, including political, economic, social, technological, legal, and environmental costs.
Politically, it undermines democracy and weakens governance institutions. Economically, it diverts scarce public resources away from development into private pockets. Socially, it erodes trust in public institutions, reducing citizens’ confidence in the state. Technologically, corruption often drives misallocation of investments into unproductive ventures. Legally, it clogs the judicial system with endless litigation, often manipulated to shield the powerful. Environmentally, corruption fuels reckless exploitation of natural resources, leaving behind degradation and pollution.
The role of professional accountants
In a society where wealth acquisition by any means is often glorified, professional accountants bear a special responsibility. By virtue of their skills and mandate, accountants can help unlock Nigeria from the grip of corruption. Their work cuts across both the private and public sectors, meaning their actions, or inactions, have profound consequences.
Professional accountants must therefore promote transparency, accountability, and integrity at all levels. They must refuse to act as conduits for bribes, resist pressures to falsify records, and speak out against corrupt practices wherever they are found. Beyond rejection, they must also actively expose corrupt tendencies without fear or favour, educate the public on the dangers of corruption, and support institutions such as the ICPC in detecting fraud, embezzlement, and malpractice.
Equally important is the accountant’s role in ensuring effective internal control systems, promoting accurate record-keeping, discouraging tax evasion, and disclosing conflicts of interest. By insisting on high ethical standards, professional accountants can help close loopholes that allow corruption to thrive.
Broader remedies
Of course, accountants alone cannot eliminate corruption. The fight requires complementary measures such as strengthening anti-bribery laws, promoting whistleblowing, reforming the judiciary, and ensuring that sanctions for offenders are swift and consistent. Leadership at all levels must model accountability, while institutions must entrench effective risk assessment and reward systems that discourage corruption.
Public enlightenment is also crucial. Citizens must understand that corruption is not a victimless act; its consequences touch every household, from dilapidated schools to unsafe hospitals, from poor roads to joblessness. Combating corruption requires both systemic reforms and cultural change.
Conclusion
Nigeria’s ambition to rank among the least corrupt countries in the world will remain a mirage unless professional accountants rise to their ethical responsibilities. Whether as auditors, tax advisers, performance managers, financial controllers, or public sector accountants, their role is pivotal. Each action taken to uphold integrity and accuracy strengthens the nation’s defences against corruption.
Ultimately, corruption thrives where transparency dies. Accountants, by their training, are guardians of transparency. They must live up to this role, firmly committed to the motto of their noble institute, which is grounded in accuracy and integrity, and guided by the ICAN Code of Conduct adapted from the IFAC Code of Ethics for Accountants.
Nigeria’s war against corruption cannot be won in isolation. But with professional accountants standing firm, the country can chart a new course toward trust, credibility, and global respect.
Dr Kingsley Ndubueze Ayozie FCTI, FCA is a Public Affairs Analyst cum Chartered Accountant by profession.
