Experts Seek Collaborative Effort to Tackle Rising Financial Fraud

Omolabake  Fasogbon

Nigerians have been urged to embrace synergy in the fight against fraud and corruption said to have eaten deep into the country’s fabrics.  According to a 2023 report by the Anti-Corruption Agencies of Nigeria, each Nigerian loses the equivalent of N35,000 to financial crimes annually, with aggregate loss amounting to $18 billion when spread across illicit financial crimes like bribery, internet fraud and non-payment of taxes. 

In another 2021 report by Palo Alto Networks, a California-based cyber-security, Nigeria’s annual loss to internet fraud amounts N127 billion, represents 0.08 per cent `of Nigeria’s gross domestic product (GDP). 

Speaking at the seventh Anti-Fraud National Conference & 3rd investiture ceremony of the Association of Certified Fraud Examiners (ACFE), Lagos Chapter,  a Professor of Forensic Accounting, Prof. M.A Ayeni remarked that the extent of fraudulent operations in the country, especially those associated with white collar showed how criminal intent had permeated the system. 

He blamed surge in anomaly on faulty leadership, lamenting that fraud has heightened Nigeria’s poverty level, responsible for its present ranking as the world capital of poverty. 

“We crave for a new Nigeria where fraud will be a stranger and the societal scale will balance. 

“For Nigeria to shed the toga of the ‘fantastic corrupt nation’, there must be a paradigm shift from anchoring the fight against crime on the toothless criminal codes in our statutes to a biting, draconian one ‘ with a human face”, he opined.

In his keynote address, Vice-Chancellor of Prime University, Prof. Mainoma, reiterated the role of fraud examiners in changing the status quo, stressing right leadership, ethics and integrity for optimal fraud fighting. 

In her acceptance speech, the newly sworn-in President, Dr. Titilayo Fowokan, reaffirmed ACFE’s commitment to minimising fraud incidence and white collar crime in Nigeria. 

In achieving this mandate, Fowokan who is the first female President of the association unveiled a seven- point agenda to guide the association under her leadership.