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By Adam Turteltaub
At Transparency International’s International Anti-Corruption Conference I had the good fortune of meeting Olusoji Apampa, CEO of Integrity Nigeria. I appreciated hearing his insights on corruption risk in Nigeria, and, to share them with a wider audience, we sat down for this podcast.
The risk, of course, is real and high. Worse, many have bought into the idea that there is nothing that can be done, which leads to more corruption. But, happily, he reports that you absolutely do not have to engage corruption to do business there.
How? First, he advises understand the risk level; it varies considerably. The picture is very different in Abuja than it is in Lagos, and Lagos is not the Niger Delta. Economic sector matters as well. Doing business in the education sector is very different than doing so in oil and gas or banking.
The size of the corporation also has an impact on the corruption risk profile. Generally speaking, larger corporations ore better able to resist the pressure to pay bribes than small or medium-sized ones.
So what should companies do? First, take a hard look at the specific risks of where they do business and what industry they are in. Second, don’t embrace corruption as a strategy. Aside from being illegal, paying one bribe can lead to demands for ever more. Third, stick to and be clear about what your principles are, and have a compliance program backing them up
He also urges companies to think outside the box and never go it alone. Instead, they should embrace collective action, working with others who share a commitment to doing business the right way.
Listen in to learn more about the risks and how to mitigate them when doing business in Nigeria.