Fraud Fight Now More Urgent, Expert Insists

Omolabake Fasogbon

The immediate past President of the Association of Certified Fraud Examiners (ACFE), South-West Nigeria Chapter, Dr. Titi Fowokan, has decried the rising fraud trend in the country, calling on relevant authorities to intensify efforts at taming the scourge. 

Fowokan, declared this while passing over the baton of the association’s leadership to her successor, Dr. Lydia Ajayi in Ijebu-Ode, Ogun state, recently. 

The fraud examiner expressed worry over the increasing sophistication of fraud schemes and their impact on individuals, businesses, and the economy as a whole, urging fraud fighters to up their game. 

Citing a report by the Nigeria Inter-Bank Settlement System (NIBSS), Fowokan noted that fraud in Nigeria’s banking sector nearly tripled over the past five years, rising from N11.61 billion in 2020 to N52.26 billion in 2024. 

She said, “ The chapter has through several initiatives in fraud prevention, capacity building, and strategic partnerships  strengthened  anti-fraud efforts in Nigeria, while fostering professional excellence, and advocating for integrity in financial practices.”

Reflecting on her tenure as the President, Fowokan said the chapter was able to explore strategic partnership with relevant organisations, including KPMG Nigeria and ACCA Nigeria to drive the objective of ACFE in combating fraud and deception in business practices. 

Fowokan reiterated her dedication to anti-fraud efforts, while she charged her successor to elevate standard in response to escalating fraud concerns. 

“You are assuming leadership at a time when the fight against fraud is more critical than ever. I have no doubt that under your stewardship, the chapter will continue to thrive, innovate, and make an even greater impact,” she added.