Nigeria loses N2.5trn to fraud - Forensic body SFAFP reveals

Nigeria loses N2.5trn to fraud - Forensic body SFAFP reveals

- N2.5 trillion is being lost to fraud on a yearly basis, a new finding showed

- A forensic body, SFAFP, said some of the frauds are being carried out on a yearly basis through various bribery and extortion channels

- The body vowed to help the government of the country to fight corruption in both private and public sectors

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As Nigeria faces a turbulent time in the fight against corruption, Society for Forensic Accountants and Fraud Prevention (SFAFP) has disclosed that about N2.5 trillion is being lost to fraud on a yearly basis.

The forensic body made this known through its chairman, Iliyasu Gashinbaki, who spoke during a virtual induction of 192 associates on Saturday, July 12.

According to SFAFP, about 25% of annual budgets are being lost to various notorious schemes in the government.

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The body listed 10 most common schemes through which public officers unlawfully use public assets for private advances.

They are: underpayment of taxes and duties on export as well as import, fraud and embezzlement; payment of salary to ghost workers; bribery and extortion; payment for air supply (goods or services not provided or rendered); over and under-invoicing; fraudulent court awards of financial compensations above damage suffered.

Nigeria loses N2.5trn to fraud - Forensic body SFAFP reveals

SFAFP said some of the fraud a being carried out on a yearly basis through various bribery and extortion channels.
Source: UGC

SFAFP vowed to help the government of the country to fight corruption and unravel the fraud executed in government by providing technical support for both public and private sectors.

Meanwhile, in related news, Legit.ng reported that the presidential panel investigating Ibrahim Magu has accused the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC) of selling recovered real estate properties to friends.

The latest allegations, which were contained in a report of the presidential committee on the audit of recovered assets, also said some of the recovered properties were taken over by EFCC officials.

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The report also listed the number of the affected properties suspected to have been illegally acquired as well as the bank accounts of those individuals serving as fronts for Magu.

The panel faulted the sale of most of the recovered assets for lacking proper records. It said the sale of most of the assets was done without the knowledge of the federal ministry of works and housing which is tasked with undertaking the evaluation of such property.

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Source: Legit.ng

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