CIFCFIN Urges FG to Initiate Forensic Performance Audit on Devt Partner Projects

Bennett Oghifo

The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) has called on the federal government to immediately initiate a comprehensive Forensic Performance Audit of all donor-funded and development-partner-supported projects across the country as a veritable tool to end Nigeria’s cycle of debt without development.

Speaking at the Institute’s 12th direct membership graduation and Fellowship awards ceremony in Abuja recently, the President/Chairman, Governing Council, Dr. Iliyasu Gashinbaki, in his address titled, ‘Forensic Performance Audit for Development Partner Projects: A Tool to End Nigeria’s Debt without Development’, said the audit should be designed to independently verify the level of implementation, trace the flow and utilisation of funds, uncover instances of misappropriation or abandonment, and ensure that responsible parties are held accountable.

“Such a strategic step is not only necessary to restore public trust and donor confidence but also critical to safeguarding Nigeria’s future access to development financing,” he asserted.

The CIFCFIN boss frowned at several failed World Bank-funded water projects in states like Ekiti, Bauchi, Rivers, Kaduna, Ogun, Enugu, Lagos and Cross River that had plunged the country into debt burden with no result on ground to justify the investment.

But particularly irking, he stated, is the report published by Corporate Accountability and Public Participation Africa (CAPPA) which showed that Nigeria would be repaying $6.25 million annually for 40 years, amounting to a total of $250 million excluding accrued interest on the loan for the failed World Bank-funded water project – the Third National Urban Reform Programme – approved in 2015 with the aim of improving water supplies in Ekiti, Bauchi, and Rivers states.  

“Yet a decade later, residents still rely on water vendors for contaminated supplies. This is unacceptable.”

He said the deployment of Forensic Performance Audit would ensure that such an ugly situation does not reoccour as it entails “following the money; tracing every Dollar from loan approval; demanding evidence on why the projects collapsed, stalled or failed and ensuring that those found culpable face the consequences.”  

Gashinbaki told the new members and fellows of the Institute that their work is clearly cut out for them in the face of mounting corruption and other forms of criminality in the country. “You should see yourselves as change agents and change makers that have been duly enlisted in the anti-corruption army that would transform Nigeria into greatness.”

Earlier in his welcome address, the Chairman, Professional Training & Standards (PT&S) of the Institute, Prof. Michael A. Ayeni, said the training has equipped the graduating direct members and fellows with more than just technical skills.

“It has shaped their judgment, sharpened their investigative abilities, and prepared them to be key players in combating financial crimes and frauds in both the public and private sectors. Whether they go on to work with corporations, law enforcement agencies, regulatory bodies, or within their firms, the knowledge and discipline they carry with them will serve as a cornerstone of trust in every institution they touch.”

On the impact of the training and his induction as a fellow of the Institute, Pastor Matthew Folorunsho Kayode, an Assistant General Manager at the Nigeria Civil Aviation Authority (NCAA) and Co-Chairman of the NAICOM/NCAA Joint Technical Committee on Aviation Insurance, said: “I believe my selection as a Fellow of CIFCFIN reflects the culmination of years of dedicated service at the intersection of regulatory oversight, forensic accountability, and financial governance especially within the aviation sector. This Fellowship further strengthens my capacity to lead with integrity, apply forensic standards in complex regulatory environments, and ensure greater financial transparency across the aviation industry. It not only validates the professional expertise I have built over the years but also equips me with a broader platform and network to influence systemic reforms, support anti-corruption efforts, and champion accountability at both national and sectoral levels.”

The 12th edition of CICFIN’s Direct Membership training and awards of Fellowship which took place at the National Institute for Legislative and Democratic Studies (NILDS), Abuja, had 95 direct members and 57 distinguished personalities across different professions as Fellows.