‘Forensic Recovery of Resources ‘ll Boost Economic Growth’

The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN),has said forensic recovery of resources will boost economic growth in Nigeria.

According to the institute, some of the resources can be recovered from oil and gas, maritime and shipping, unremitted taxes from international petroleum shipping companies operating in Nigeria while a NIN-based system would encourage tax expansion within the country.

Speaking during the graduation ceremony of the institute’s  third direct membership training, induction and awards of fellowship in  Abuja, recently, the President of CIFCFIN,   Dr. Iliyasu Gashinbaki, decried  the huge waste of resources being budgeted annually on abandoned government projects across the country.

He stated that effective deployment of certified fraud investigators to track such projects would lead to blockage of any future budgetary fraud to such abandoned projects, and save funds for government

According to him, Nigeria can also capitalise on opportunities in the crypto economy to promote economic growth and financial inclusion.

“By embracing and encouraging Fintech institutions, Crypto-friendly banking services, mining operations, initial coin offerings (ICOs) and digital banking, the country will attract Tech companies and investors while maintaining a well-regulated digital space,” he asserted.

 Gashinbaki said the  approach will position Nigeria as a significant player in the digital economy.

Quoting statistics from NITDA, he said as at  2022, Nigeria raised $1.3 billion in foreign direct investments in the IT sector and ICT contributed 16.6 percent to Nigeria’s GDP. “Encouraging these digital platforms will strengthen the country’s resilience against cyber threats. I want you to know that this aligns directly with the objectives of CIFCFIN’s Technical Board of Diplomates for Digital Forensics,” he said.

He explained that these measures have become necessary in the wake of the economic challenges arising from the removal of fuel subsidy.

He urged the  members of the National Assembly “to work diligently to plug financial leaks, improve accountability, and recover funds that rightfully belong to the people. Let us prioritise the long-term development of our country over short-sighted revenue-boosting measures.”

Speaking to the  graduating new members of the institute and inducted fellows, Gashinbaki advised them to  see themselves “as change agents and change makers that are dully enlisted in the anti-corruption army that would transform Nigeria into greatness.”