Forensic Recovery of Resources Key to Economic Growth, Says CIFCFIN

The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) has said Forensic recovery of resources will boost economic growth in Nigeria.

The President of CIFCFIN, Dr. Iliyasu Gashinbaki made the remarks at the graduation of the institute’s 3rd direct membership training, induction and awards of fellowship at EFCC Academy, Abuja.

Gashinbaki frowned at the huge waste of resources being budgeted annually on abandoned government projects across the country.

He noted that effective deployment of certified fraud investigators to track such projects would lead to blockage of any future budgetary fraud to such abandoned projects, and save funds for the government.

He said some of the resources “can be recovered from oil and gas, maritime and shipping, unremitted taxes from international petroleum shipping companies operating in Nigeria while a NIN-based system would encourage tax expansion within the country.

“Nigeria can also capitalize on opportunities in the crypto economy to promote economic growth and financial inclusion.

“By embracing and encouraging Fintech institutions, Crypto-Friendly Banking Services, Mining Operations, Initial Coin Offerings (ICOs) and digital banking, the country will attract Tech companies and investors while maintaining a well-regulated digital space.

The approach will position Nigeria as a significant player in the digital economy. Quoting statistics from NITDA, he said as of 2022, Nigeria raised $1.3 billion in Foreign Direct Investments in the IT sector and ICT contributed 16.6 percent to Nigeria’s GDP.

“Encouraging these digital platforms will strengthen the country’s resilience against cyber threats. I want you to know that this aligns directly with the objectives of CIFCFIN’s Technical Board of Diplomats for Digital Forensics.”

He said these measures have become necessary in the wake of the economic challenges arising from the removal of fuel subsidy. His message to members of the National Assembly is loud and clear: “to work diligently to plug financial leaks, improve accountability, and recover funds that rightfully belong to the people. Let us prioritize the long-term development of our country over short-sighted revenue-boosting measures.”

Turning to the graduating members of the institute and inducted Fellows, Gashinbaki said they should see themselves “as change agents and change makers that are dully enlisted in the anti-corruption army that would transform Nigeria into greatness.”