Akintola Williams Memorial Lecture (Continuation)

The Economic and Financial Crimes Commission (EFCC) is prosecuting Petro Union Oil and Gas Limited, a consultant to the company, and three of its directors before the court on a 13-count charge of conspiracy, obtaining money by false pretences, attempted theft, and forgery.

The consultant in question is Abayomi Kukoyi, trading under the name and style of Gladstone Kukoyi and Associates. The company’s directors facing trial are Messrs. Kingsley Okpala, Chidi Okpalaeze, and Emmanuel Okpalaeze.

All the defendants pleaded not guilty to the charges during their arraignment.

In opposition to the application, the Federal Government argued that the prosecution, through its witnesses, had established a prima facie case of fraud against the defendants. It further contended that investigations by Union Bank, the Central Bank, the Bankers’ Committee, and the EFCC confirmed that the defendants were engaged in fraudulent activities.

The federal government stated:

“We have proved the ingredients of those offences beyond any reasonable doubt, and each of the defendants should be invited to present their defence to the charges if they have any.”

Suicide Rates: Top 10 jobs with the highest suicide rates

Year after year, the National Institute for Occupational Safety and Health (NIOSH) compiles a list of jobs with the highest suicide rates. A recurring factor in these occupations is the stress stemming from financial challenges.

Money remains a driving force in people’s lives, with the struggle to earn enough to survive or maintain a lifestyle—however modest or luxurious—creating daily pressures. Almost every job entails some level of stress, driven by factors such as unreasonable client demands, long hours, or emotional trauma. While many find ways to manage and overcome work-related stress, some are unable to cope, leading to tragic outcomes.

Read also: Akintola Williams Memorial lecture (Continuation)

According to Mental Health Daily, both dentists and doctors consistently rank among occupations with the highest suicide rates in the United States. These professions require significant levels of aptitude, sacrifice, and education—factors that may contribute to elevated stress levels. However, contrasting evidence from countries like Britain suggests that occupations requiring lower skill levels are more closely associated with higher suicide rates.

Here are the jobs with the highest suicide rates:

Medical Doctors

Dentists

Police Officers

Veterinarians

Financial Services Professionals

Real Estate Agents

Electricians

Lawyers

Farmers

Pharmacists

Among these, the legal profession stands out for its unique challenges. The involvement of lawyers often signals the beginning of drawn-out legal battles, which can last for weeks, months, or even years. The mental anguish associated with such cases is monumental, compounded by exhaustive research and reliance on case studies.

Some victims of professional malpractice, whether guilty of negligence or innocent of the circumstances beyond their control, have detailed the devastation inflicted upon them. Regardless of intent, poor judgement is rarely excused. In professions like accountancy, the consequences of errors can lead to depression, psychological problems, or even suicide.

Chartered accountants and mental health

According to Professor James Hanson, whose research spans six decades, the collapse of Arthur Andersen over its handling of Enron remains a cautionary tale. His findings suggest that factors like alcoholism and drug use cannot be entirely ruled out when examining the stresses within this profession.

It is also rare for offenders or victims of professional failures to be granted the opportunity to atone for their mistakes. This raises the question: Who cares about the mental health of auditors? Auditors often work under extreme pressure to meet deadlines, facing isolation even within team environments that emphasise esprit de corps.

Chartered accountants, like others, are not insulated from marital problems, which can impair judgement and compromise the quality of their work. This brings to mind the theories of Thomas Bayes, the 18th-century Presbyterian who sought to use statistics to unravel uncertainties—a reminder of the precarious nature of the profession.

Where are the statistics capturing chartered accountants who, due to signing off on erroneous accounts, have fallen into poverty, homelessness, and hopelessness? Perhaps nobody cares. As always, there are winners and losers in this murky landscape.

Serious fraud office and economic crime

On Monday, September 2, 2024, Interim Chief Capability Officer Freya Grimwood delivered a keynote speech at the Cambridge International Symposium on Economic Crime.

The Serious Fraud Office (SFO) has charged Alex Beard, Andrew Gibson, Paul Hopkirk, Ramon Labiaga, and Martin Wakefield with conspiring to make corrupt payments to benefit commodities giant Glencore’s oil operations in West Africa.

This development underscores the global imperative to confront economic crime, which continues to undermine financial systems and erode public trust.