The Society for Forensic Accounting and Fraud Prevention (SFAFP) has revealed that Nigeria loses N2.5 trillion annually to fraud and corruption. For African, the group stated that almost 25 per cent of the continents budgeted public sector revenue was lost to the same scourge.
Speaking during the 4th virtual induction of 192 associates recently in Abuja, Chairman,SFAFP, Iliyasu B. Gashinbaki, said the society would refocus 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 said.
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 there was the yearning across Africa to commit resources to raising young professionals that will tackle corruption and fraud. He noted that the knowledge gap was huge and the complexities of the financial system becoming more sophisticated because of artificial intelligence (AI), 5G, blockchain, among others.
Gashinbaki hinged the spate of corruption in the continent on weak institutions and processes, saying instead of building strong institutions, the focus is usually on strong men. “Therefore, internal control and internal processes are weak impeding the growth of the institutions. Until we build strong institutions, corruption and fraud would continue to hunt African countries,” he said.