The Economic and Financial Crimes Commission (EFCC) has announced plans to enforce stricter oversight on accountants across Nigeria in a bid to combat corruption and financial crimes.
Speaking at the 29th Annual National Conference of the Association of National Accountants of Nigeria (ANAN) in Abuja, Ola Olukoyede, EFCC chairman emphasised the critical role accountants play in both enabling and preventing financial fraud.
He called for greater adherence to professional ethics and financial regulations, stressing that no public sector fraud could occur without the complicity of accountants.
The EFCC, he added, would work closely with professional bodies to ensure compliance and impose tough sanctions on those violating ethical codes.
The EFCC boss also urged accountants across Nigeria to uphold the highest ethical standards and strictly adhere to financial regulations.
Olukoyede spoke at the conference themed, “Advancing accounting excellence in a changing world,” which took place on Tuesday.
Addressing the gathering through Ahmed Pate, the EFCC’s director of finance and accounts, Olukoyede, emphasised the critical role accountants play in reflecting the nation’s values through their work.
He lamented that over the last 20 years, the EFCC has had to intervene in numerous cases involving members of the accounting profession accused of criminal activities.
Citing examples, he noted that two former accountant- generals of the federation were investigated and indicted for fraud, with one being a fellow of ANAN who prioritised personal gain over national interest.
He also highlighted cases where accountants were convicted of embezzling public funds, laundering money, and aiding corrupt practices.
Olukoyede warned that no significant public sector fraud can occur without the involvement of accountants, whether it is through embezzlement, procurement fraud, payroll fraud, or pension fraud.
He called on ANAN to enforce stricter adherence to professional ethics among its members and ensure that those found violating ethical codes are sanctioned, including the withdrawal of licenses.
He stressed the importance of full compliance with laws, particularly the Money Laundering (Prevention and Prohibition) Act, 2022.
Accountants were reminded of their reporting obligations to the Special Control Unit against Money Laundering (SCUML) and the need for due diligence with clients.
Olukoyede reaffirmed the EFCC’s commitment to working with professional bodies to promote a more responsible accounting profession, noting that excellence and integrity are essential for accountants to remain relevant in today’s fast-evolving global economy.
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