Association calls on government to curb fraud in Nigeria

The Association of Certified Fraud Examiners Lagos Chapter has called on the government to implement carefully designed policies and operational controls in the control of fraudulent activities both in the public and private sectors in Nigeria.

Speaking during the Chapter’s third Anti-Fraud Seminar at the Lagos Chamber of Commerce and Exhibition Centre, Godwin Emmanuel Oyedokun, president and Chief Executive of the association said effective fraud investigation which has to do with creating and gathering evidences that can stand the taste of time should be carried out by the government.

He stated that this is one of the most effective ways to cub corruption in the public domain, adding that members of the association are trained in this regard and will start imbibing what they have learnt, which will result to a multiplier effect.

According to him, “As part of organisation’s governance structure, a fraud risk management program should be in place, including a written policy to convey the expectations of the board of directors and senior management regarding managing fraud risk.”

He noted that fraud risk exposure be assessed periodically by the organization to identify specific potential schemes and events that the organisation needs to mitigate.

“Preventive techniques to avoid potential key fraud risk events should be established where feasible to mitigate possible impacts on the organization,” Oyedokun added.

Also speaking at the event, Enyi Patrick, Professor of Accounting and Quantitative Techniques, Dean of Faculty of Management Science Babcock University, Ogun State stressed that the society as a whole has been deeply messed in fraudulent activities but training of fraud examiners both at the government and private sectors can help do some preventive work in this regard.

He therefore advised both organisations and government on areas that they can instill some mechanisms to stop or prevent fraudulent activities.

According to Patrick, “The mechanisms to put in place are many and the most important ones for organisations are strengthening of internal controls and implementing effective leadership. A leader should not compromise and should find honest and knowledgeable people to work with.”

He mentioned that a lot of private and public organizations recruit those who are not qualified to be in places they occupy today which has resulted to inefficiency at work, adding that these staff can take advantage of such inefficiencies to perpetuate fraud.

He recommended that beyond certificate assessment, organisations should employ the right people and there should be a measure of test as to competence and integrity.

He condemned the trend in Nigeria saying “it is dangerous.  Instead of giving chance to competence, rather we are giving chance to paper qualifications.”