Hot Source– Says leniency towards economic crimes will undermine growth
Dike Onwuamaeze
The Centre for the Promotion of Private Enterprise (CPPE) has commended the Minister of Justice and Attorney General of the Federation (AGF), Mr. Lateef Fagbemi (SAN), for clarifying that the recently published list of beneficiaries of the presidential prerogative of mercy is not final.
The commendation is contained in a policy brief titled “The Economic and Investment Implications of the Prerogative of Mercy,” which was issued yesterday by the Chief Executive Officer of CPPE Dr Muda Yusuf.
Yusuf pointed out that the clarification is important because Nigeria’s aspiration to build a competitive, diversified, and globally respected economy should rest on the credibility of its institutions and integrity of its governance, which the perception of impunity or leniency toward economic crimes is incompatible.
He said that “to preserve investor confidence and social stability, government must demonstrate unwavering commitment to accountability and the rule of law.
“The credibility of Nigeria’s economic reform and investment agenda depends on it.”
Yusuf, therefore, said that the clarification coming from the AGF, who is also the Chairman of the Presidential Advisory Committee on Prerogative of Mercy, “reflects the responsiveness and sensitivity of the administration to public sentiment.”
According to him, the public outcry that greeted the initial announcement of the pardons was deep and legitimate, noting that “the inclusion of persons convicted of corruption, financial crimes, murder, drug trafficking, and illegal mining raised profound concerns about governance credibility, institutional integrity, and investor confidence.”
Yusuf said that while the prerogative of mercy is a legitimate constitutional instrument, “its application to serious economic and financial offences demands utmost discretion, transparency, and alignment with Nigeria’s commitments to anti-corruption and drug control.”
He also highlighted the far-reaching economic and social consequences of extending presidential pardon to offenders convicted of corruption, financial fraud, illegal mining, murder, and drug-related crimes.
He said: “Illegal mining undermines legitimate enterprise, depletes national revenue, and fuels insecurity in mining communities.
“Corruption and financial crimes distort markets, weaken institutions, and discourage fair competition.
“Drug trafficking and related offences tarnish Nigeria’s global image, exacerbate insecurity, and impose grave social costs.”
Yusuf warned that “at a time when Nigeria is striving to diversify its economy, attract investment, and restore global confidence, such acts of liberal clemency risk sending disturbing and counterproductive signals.”
According to him, leniency toward financial and economic crimes would erode deterrence, weaken enforcement, and signal tolerance for misconduct and undermine respect for law and governance credibility.
He said that it would also undermine investor’s confidence, which thrives on predictability, fairness, and justice.
“When those convicted of economic or financial crimes are pardoned, it raises questions about policy consistency, contract sanctity, and investment security, thereby discouraging both domestic and foreign investors.
“Undue clemency could reverse gains in governance credibility and reinforce perceptions of institutional weakness.
“Such perceptions affect sovereign risk ratings, capital inflows, and the attractiveness of Nigeria’s investment climate.
“Granting mercy to economic offenders can demoralise law enforcement agencies. Years of diligent investigation and prosecution risk being undermined, weakening institutional resolve and emboldening impunity.
“The CPPE particularly acknowledges the commendable achievements of the National Drug Law Enforcement Agency (NDLEA), which have earned global recognition,” Yusuf said.
He argued that a lenient sanction environment fosters impunity, weakens ethical standards, and erodes public trust in justice institutions.
“Over time, it discourages productivity, nurtures rent-seeking, and sustains unproductive and illicit economic behaviour.
“Sustained growth and inclusive prosperity depend on credibility, accountability, and fairness in governance,” he said.
The CPPE, therefore, urged the federal government to urgently review and rationalise the list of beneficiaries of the prerogative of mercy and reaffirm Nigeria’s zero-tolerance position on corruption, drug trafficking, illegal mining, and financial crimes.
It also urged the government to uphold institutional integrity and ensure that justice is never compromised for convenience or political expediency.
It asked government to “strengthen transparency and accountability in the exercise of executive clemency to safeguard public confidence and investor trust.”
