Nigeria Loses N2.5trn To Fraud Annually – SfAFP

Nigeria Loses N2.5trn To Fraud Annually – SfAFP

The Society for Forensic Accounting and Fraud Prevention (SfAFP) has revealed that Nigeria loses N2.5 trillion annually to fraud and corruption, stating that African continent lost almost 25 per cent of its budgeted public sector revenue to fraud.

Speaking during the 4th virtual induction of 192 associates recently in Abuja, chairman of SfAFP, Iliyasu Gashinbaki said the society was poised to turn the page by refocusing on continuous institutional strengthening and capacity building of law enforcement agencies and key Ministries, Departments and Agencies (MDAs).

“In addition, more strategic domestic and international partnerships shall be pursued and we will continue to build the capacity of SMEs and corporations in the areas of internal control processes and systems to ensure proper book keeping and regulatory compliance,” he asserted.

He said to curb the increasing incidences of money laundering, terrorist financing and cybercrimes, the Society will start special professional development programmes in the 4th quarter of 2020 and will henceforth continue with technology-enabled online programmes such as e-inductions, e-professional training and e-mandatory continuous professional development.

According to him, “There is yearning across Africa to commit resources to raising young professionals that will tackle corruption and fraud”.

He noted that the knowledge gap is huge and the complexity of the financial system is becoming more sophisticated because of artificial intelligence (AI), 5G, blockchain among others.

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