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Group decries loss of N5.5 trillion to fraud, cyber crimes

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• Condemns continuous borrowing to finance economic activities
Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN), yesterday, said the loss of over N5.5 trillion to fraud and cyber crimes in the country in the past decade, called for urgent action against the menace.

The group, which gathered in Abuja, also insisted that Nigeria may continue to borrow to finance economic activities unless the Federal Government blocked the leakages through the application of forensic audit to combat corruption and cyber crimes.
 
Pro-tem President of CIFIPN, Dr. Enape Victoria Ayishetu, said it remained unfortunate for financial institutions to be losing money to cyber crimes without sustainable solution.

“The sudden collapse of some corporate organisations due to fraud in Nigeria is worrisome, seeing that our youth are suffering from unemployment, and a very serious poverty that has now culminated into kidnapping of innocent Nigerians and killings, which have now become normal news in our country today. 

“Government is losing a lot of money every day to fraud, corruption and cyber crimes, and that has emptied our treasury, and poor infrastructural development. This is the reason for the borrowing of $29 billion by the federal government, as we saw published on media few days ago,” Ayishetu said.

Stressing  that fraud, corruption and cyber crimes have assumed a strategic position in Nigeria, she decried that government agencies and multinational corporations spend huge sums of the nation’s scare foreign exchange to retain expatriates, forensic and investigative professionals to unravel complex cases of fraud and cyber crimes in Nigeria.

While awaiting the enforcement of forensic audit in the country, she said: “Forensic remains one of the last hope for Nigerians, if only the Nigerian Government can ignore sentiments and self interest seeking group of persons, who would want Nigeria to continue to live in the past,” to cover up their deeds.She argued that if forensic was not important, President Muhammadu Buhari would not have called for forensic Audit of the NDDC, and urged him to do the needful on the Forensic Bill.

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