CHIEF Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, says extending clemency and pardon to persons convicted of corruption, financial fraud, illegal mining, murder, and drug-related crimes has far-reaching economic and social consequences for Nigeria.

In a statement issued on Sunday in respect of 175 persons recently pardoned by President Bola Tinubu, some of whom had been convicted of serious crimes such as murder, fraud and drug peddling, as earlier reported by Economy Post, Dr Yusuf said at a time Nigeria was striving to diversify its economy, attract investment, and restore global confidence, such acts of liberal clemency risked sending disturbing and counterproductive signals.

“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,” he said,.

PRESIDENT Bola Tinubu had recently granted pardons to armed robbers, fraudsters, drug offenders, murderers, activists and other offenders after the National Council of State gave its approval for clemency.

Maryam Sanda, who killed her husband, Bilyaminu Bello, was also granted pardon

Among individuals pardoned was Sir Herbert Macaulay who was banned from public office for misappropriation of funds and sentenced in 1913 by the British colonialists.

READ ALSO: Drug barons, armed robbers, fraudsters among 175 persons pardoned by Tinubu

However, the list also included individuals convicted of fraud, murder, coup d’etat, and illegal mining, among other serious crimes. As a result, Dr Yusuf said leniency toward financial and economic crimes could erode deterrence, weaken enforcement, and signal tolerance for misconduct.

“A soft sanction regime undermines respect for law and governance credibility,” he said. “Investor confi”ence 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.”

The economist and former Director-General of Lagos Chamber of Commerce and Industry (LCCI) said granting mercy to economic offenders could demoralise law enforcement agencies, noting that years of diligent investigation and prosecution risked being undermined, weakening institutional resolve and emboldening impunity. 

“The CPPE particularly acknowledges, in this regard, the incredible achievements of the National Drug Law Enforcement Agency (NDLEA), which have earned global recognition. 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,” Dr Yusuf said.

“Sustained economic growth and inclusive prosperity depend on credibility, accountability, and fairness in governance,” he noted.

He urged the Tinubu-led goverment to urgently review and rationalise the list of beneficiaries of the prerogative of mercy, while reaffirming Nigeria’s zero-tolerance position on corruption, drug trafficking, fraud, illegal mining, and financial crimes.

READ ALSO: Non-existing office spends N80 million to promote Tinubu’s ‘economic milestones’

“Uphold institutional integrity and ensure that justice is never compromised for convenience or political expediency, and strengthen transparency and accountability in the exercise of executive clemency to safeguard public confidence and investor trust.”

He noted that Nigeria’s aspiration to build a competitive, diversified, and globally respected economy rested on the credibility of its institutions and integrity of governance, stressing that the perception of weak sanction regimes toward economic and financial crimes was incompatible with this goal.

“To preserve investor confidence and social stability, government must demonstrate unwavering commitment to accountability, effective consequence management and the rule of law. The credibility of Nigeria’s economic reform and investment promotion drive depends largely on it,” he noted, adding that while the prerogative of mercy was a legitimate constitutional instrument, its application to serious economic and financial offences and other criminal acts demanded utmost discretion, transparency, and alignment with Nigeria’s commitments to anti-corruption, drug control and the sanctity of human life.”