Forensic researchers hail government’s effort in fraud fighting
The Association of Forensic Accounting Researchers (AFAR), have commended the Federal Government’s effort in fighting fraud in Nigeria.
They also commended other critical stakeholders in tackling the menace, stating that efforts devoted in recent times have paid off. Global President of AFAR, Prof. Godwin Oyedokun, who noted that fraud has reduced significantly in the country, maintained that those being emphasised are the ones that have occurred in past years, which are presently being exposed and investigated.Oyedokun said this during the third induction ceremony of the Association in Lagos recently.
According to him, Nigeria loses about N197 billion to financial service fraud annually, and cannot be totally eliminated in the system.This, he said, have been made worse by technological evolvement, but gradually reducing as more people are being engaged on the dangers, which are inimical to the economy.
While reiterating the objectives of the Association, he charged the newly-inducted members to always uphold its ethics and tenets.
Presenting an analogy of the fraud situation in Nigeria, he said: “Just like you have a poison in a bottle water, if the water in the bottle is not poured out completely, you will not have a safe bottle. Although, it is easier for a bottle to turn its water away.
“Fraud and corruption are like water in Nigeria, which it is not easy to pour the whole content away because we are human beings, criminals can’t be killed all the time, they can only be tried based on the law. What we can do is to continoulsly dilute the water until the initial content overflows to the extent that the new ones will be re-filled in the bottle.This is however a gradual process.”
Among those inducted are Assistant Inspector General of Police in charge of Counter Terrorism Unit, Zubairu Muazu; Lagos State Commissioner for Finance, Dr. Rabiu Olowo; and Head, Market Surveillance and Investigation Department of The Nigerian Stock Exchange (NSE) among others.