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Why we back Senate in separating NFIU from EFCC, says forensic accounting body


A forensic accounting body – Society for Forensic Accounting and Fraud Prevention (SFAFP), yesterday affirmed its support for the separation of Nigeria Financial Intelligence Unit (NFIU) from the Economic and Financial Crimes Commission  (EFCC).

Chairman, Board of Trustees, SFAFP, who is also the Second Vice President, Association of National Accountants of Nigeria (ANAN), Professor Benjamin C. Osisioma, noted that the decision taken by the Senate in passing a bill on Financial Intelligence Unit was influenced by global trends.

He was speaking at the graduation ceremony of the first batch of interns, and induction of the second batch of associates of the forensic accounting body – SFAFP.According to him, EFCC was facing some global challenges that required immediate separation of NFIU from the anti-graft agency.

The Nigerian Financial Intelligence Unit is currently domiciled in EFCC. But Osisoma however noted that it should be an independent body operating separately.  He added that even though EFCC may have tried to grant it some levels of independence, it was necessary to heed advise of global regulatory bodies, so as to prevent sanctions against Nigeria.

He said: “In as much as EFCC has tried to give it some levels of autonomy to enable it to operate, but now, unless this particular trend is undertaken, we are going to be deregistered by the relevant authorities.

“So, it is like trying to protect our interest globally. It is not a bad decision.”Executive Secretary, SFAFP,  Dr. Abuchi Ogbuju, in his remarks, stated that the body has succeeded in training the vanguard, who would be engaged in the business of forensic accounting.

“These are the main people we will use to do the work out there. They have been trained on how to defend their financial investigations and present them in court without any lapse along the line.

“They have been trained in the arts and science of accounting. Our target is to gear them towards prevention of fraud which is a better approach than fighting fraud.”“Part of the ethics of the profession is to obey and comply with all the rules of the court and testify to all findings in a truthful and non-bias manner and without prejudice”, Ogbuju added.

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