Ayishetu Enape

The Chartered Institute of Forensic and Investigative Auditors of Nigeria has said cases corruption fraud and cybercrime were growing in the country despite government’s effort to address them.

Pro tem President of the Institute, Ayishetu Enape who said this at a press conference in Abuja on Thursday, noted that the country’s loss to corruption is presently in the the region of trillions of naira.

“It is worrisome to know that despite the Federal Government’s renewed efforts in tackling fraud, corruption and cybercrime, very little result has been achieved, especially in the area of securing conviction against perpetrators of fraud in Nigeria,” he said.

“This is because many of the cases, especially the high-profile ones, are either thrown out for want of evidence or are unnecessarily delayed and stuck in court for years, due to one reason or the other.

Enape who quoted data from the Nigerian InterBank Settlement System (NIBBS), which show that Nigerian banks lost N12.30 billions to fraud in the past four years, as well as other relevant data showing that fraud volume in the banks increased from N1.461 billion in 2014 to staggering N23.043 billion in 2017, regretted that,“the situation right now is worse than the above analysis because fraud volume in Nigeria has now moved to trillions, and no longer in billions.”

She argued that fraud can only be effectively checked when those who commit fraudulent acts are prosecuted with forensic evidence.