AQS CEO and Founding Partner, Herbert Igbanugo Delivers 2017 NUSA Award Lecture on FCPA Compliance and Doing Business in Sub-Saharan Africa
Highlights Compliance Strategies for Working with U.S. Companies in Africa
Afrique Sub-Sahara Strategies Ltd (AQS) Founding Partner and CEO, Herbert Igbanugo, and the firm’s Director of Operations for Africa, Idika Onyukwu, traveled to Nigeria August 14-20th on the invitation of the U.S. Commercial Service/United States Consulate General – Lagos, for the 2017 Networking with the USA (NUSA) Appreciation Forum and International Partner Awards. Mr. Igbanugo was the guest speaker and spoke on, “The U.S. Foreign Corrupt Practices Act (FCPA) and Doing Business in Sub-Saharan Africa (SSA): Culturally Competent Compliance Strategies.” The standing room only audience included CEOs of major Nigerian companies, captains of industry, American investors exploring and seeking to enter Nigerian markets and the U.S. Consul General, F. John Bray. The special guest of honor was the U.S. Department of Commerce Deputy Assistant Secretary (DAS) for Middle East and Africa, Seward L. Jones. The NUSA conference ended with an award ceremony featuring awards to ten companies including guest speaker Herbert Igbanugo.
Senior U.S. Foreign Commercial Counselor Brent Omdahl kicked off the conference with opening remarks and introductions and then invited Mr. Igbanugo to the podium to deliver his lecture. Born in Nigeria, Igbanugo received his undergraduate degrees in International Relations and Economics from the University of Minnesota in 1983 and 1984 respectively, and a Juris Doctor Degree from Hamline University School of Law in 1987. Mr. Igbanugo is the founding shareholder of Igbanugo Partners Int’l Law Firm and its consulting division Afrique Sub-Sahara Strategies, LTD (AQS). He is an FCPA specialist and a strong anti-corruption advocate and crusader. He spoke extensively on the “Dos and Don’ts” of doing business in the U.S./Africa as well as dealings with U.S. companies in Nigeria.
In his presentation, Mr. Igbanugo reminded the audience that the fastest way to go to jail in the U.S. is by offering or taking brides in any business transaction involving government officials. He underscored the importance of sticking firmly to FCPA compliant strategies during business transactions with American companies either in Nigeria or overseas.
Mr. Igbanugo said corruption erodes democratic principles. “It undermines public accountability, and depletes scarce resources from important priority areas such as health, education and infrastructure. When contracts or businesses are won or lost depending on how much a company is willing to offer as bribes, rather than the quality of its services, then consumers and the public become the biggest losers and victims,” he added.
FCPA was enacted in the U.S. by Congress in 1977 in response to reported widespread bribery of foreign officials by U.S. companies and business.
The lecture was well received as several questions came from the audience during the Q&A session to Herbert Igbanugo, showing heightened interest on the topic and the desire of participants to seek out U.S. companies for business.