Increasingly, African businesses understand that due diligence is standard operating procedure for multinationals, and so are increasingly willing to identify beneficial ownerships and provide key compliance-related information. Nigerian local companies know that by embracing the message about compliance, Western companies feel more comfortable doing business in the region.
We at Associated Port And Marine Development Company have taken the step to get TRACE Certified. For us we know the effect of bribery and corruption in Nigeria, we pride ourselves as a company with the vision “To install good work ethics, through integrity, due diligence and trust; fight corruption and lead by example”. We understand the full repercussion of bribery and corruption hence we are proud to be certified by TRACE as a corrupt free company.
Corruption is a problem that isn’t likely to go away overnight in Africa. However, the increasing cooperation between our clients and us to collectively address compliance concerns means that we are all headed in the right direction.
Shipping is a huge and crucial industry. As Rose George, author of Deep Sea and Foreign Going says ‘Without ships, half of the world would freeze and the other half would starve.’
The reality is that many bribery schemes simply self-implode. Think of it this way, once a bribe is paid, a corresponding debt is created to all who are involved in the scheme: to the business partner who provides the funds; to the third party “consultant” who launders them through false pretence; to the accountant who cooks the books; to the bagman who delivers the payment; to each and every role player, big or small, who helps to bring about the bribe. At the time, loyalties may seem obvious: each co-conspirator will usually have a clear self-interest in keeping the bribery scheme hidden. But as situations change, so too do incentives, and in business there are few guarantees as unsure as the ‘honour among thieves.’
Tempting as it may seem at the time, the only way to ensure against these future troubles is to categorically avoid all bribes. We think of it as a question of not only doing what’s right but also doing what’s in everyone’s best interests.