Every political party needs the oxygen of publicity to stay afloat and maintain its relevance. Conversely, for an anti-corruption agency such as the Economic and Financial Crimes Commission, there is only one thing worse than being loathed by the corrupt elements in society; that is not being feared at all. Such was the position of the agency in this country prior to the appointment of the current acting Chairman of the EFCC, Mr. Ibrahim Mustapha Magu.
Let us be frank with each other, the PEPs engaged in various asset-stripping ventures do not give a damn about criminal prosecution, being paraded on cameras, and even going to jail. Cooling off in jail no longer represents deterrence for a typical and determined PEP, whose only drive is accumulation of assets to ensure the protection of their family from any smell of poverty in perpetuity.
This is something that moves slightly away from the strict principles of the law of trust. It would be an imposition of the onerous fiduciary obligation on PEPs under a “constructive trust” principle. It is a creative use of the law and would mark the first in Africa. It does not require legislation that could become mired in political wrangles of all kinds. It is not something that the EFCC can impose either. It has to come from the judiciary itself.
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