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Nigerian banks lost N25bn to fraud in 5 years- Forensic auditors

Daily Gist Staff

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The Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) has said that the volume of fraud in Nigerian banks increased to N25 billion in the last five years.

This was disclosed by the Protem President of the institute, Dr. Victoria Enape in Abuja on Friday at the opening of intensive training for forensic and investigative auditors.

She noted that the training had become necessary going by the global acknowledgment of corruption in most government and financial institution and its (corruption) rejection by the United Nation, World Bank and International Monetary Fund.

“Government at all levels are losing billions of Naira every day and most of these criminal cases bordering on fraud, corruption and cyber-crimes are partly because there are no forensic and investigative auditors in Nigeria to prevent fraud from taking place.

“The place of training of forensic and investigative auditors cannot be overemphasised because the whole world has embraced this current trend years ago which has assisted them in the fight against fraud.

“Chartered Institute of Forensic and Investigative Auditors is an anti-fraud organisation, saddled with the responsibility of providing skills to relevant professionals on the use of science and technology to prevent, detect and investigate fraud of all kinds.

“The Institute also has mechanism to block illicit financial flows in the country; it therefore becomes indispensable in Nigeria if Nigerians and the future generation must experience peace and economic development,” Enape said.

Enape noted that scandalous collapses, financial loses, loss of employment, investment and investors, loss of earnings and means of livelihood are some of the consequential social dislocations and risks of corruption and fraud.

According to her, fraud and corruption weakened the institutional capacity of governments and organisations as well as impedes trade and investment.

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