BY CHIKA OKEKE, Abuja
The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) has disclosed that the Federal Government will save N1.2 trillion annually on the proposed Forensic Performance Audit of public officers.
President/Chairman, Governing Council of CIFCFIN, Dr. Iliyasu Gashinbaki stated this over the weekend at the Founders Day, awards of Fellowships and 10th Direct Membership/ training and graduation of certified forensic experts in Abuja.
News Rider reports that 35 Fellows and 109 Certified Members were inducted during the event and led to oath of allegiance to the Institute by Gashinbaki.
Gashinbaki disclosed that the introduction of forensic audit of the assets of all public officers is a means of ending corruption in the nation.
He pointed out that non-declaration of assets has inadvertently led the Federal Government and sub-nationals to lose N1.25 trillion annually due to lack of forensic performance audit.
The President assured that the Institute would intensify efforts toward reducing fraud and malfeasance associated with budgeting processes, public procurement, and revenue generation.
This, he said would be achieved by collaborating with public institutions, providing training, and conducting audits.
Gashinbaki was optimistic that the reduction in public sector fraud and malfeasance will not only save resources but also ensure that funds are allocated efficiently for the development of critical infrastructure and services.
In the last two years of its existence as a Chartered Institute, CIFCFIN has certified over 5000 certified forensic members and fraud investigators.
CIFCFIN is also working closely with the Economic and Financial Crimes Commission to eradicate corruption in the country.
The institute, which was Chartered on December 23, 2022, is poised at stamping out frauds, financial crimes, and all forms of crimes in the country.
Gashinbaki informed that the Institute is committed to promoting integrity in the financial sector by setting and enforcing high ethical standards.
The president assured that the institute would restore public trust by championing policies and practices that prioritise transparency, accountability, and stability in financial institutions.
He said: "As we celebrate the Founders’ Day, let us reflect on how far we have come and recommit ourselves to the mission of the Institute which remains steadfast in its bid to shape the future of forensic and fraud investigations in Nigeria.
"By fostering rigorous standards, multidisciplinary collaboration, and cutting-edge training, the Institute empowers professionals to address complex financial and economic challenges effectively, contributing to a transparent and resilient economy."
He noted that the Institute envisioned the integration of cutting-edge technologies to revolutionise the investigation of financial crimes, adding that advanced tools such as forensic accounting software, AI-driven data analysis, and blockchain technology will enhance transparency, efficiency, and accuracy in financial investigations.
The president said that by adopting smart prosecution methods like leveraging data, analytics, and well-documented evidence, CIFCIN intends to increase conviction rates while ensuring fair and just legal processes.
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