ICEN provides solution to financial crime


By Matthew Denis

The Institute of Chartered Economists of Nigeria (ICEN) has proffered solutions to eradicate financial fraud and crime in Nigeria.

The suggestions were made on the sideline of a one- day seminar with the theme ‘ Combating financial frauds in an organisation,’ held at Savannah Hotel, Ilorin on Saturday.

Speaking with Pilot Business, the National Coordinator of ICEN, Dr. Oladapo Ganiyu stressed that the purpose of the seminar was to strengthen Nigerian economy and ensure orientation and attitudinal change towards corruption and frauds.

He said, “Attitudinal change and proper orientation among Nigerians should be given priority as yardstick to curbs financial frauds in the country.

“If you critically examine our economy the Gross Domestic Product (GDP) is falling almost everyday and what caused it is corruption and frauds in both private and public organisations.

 Ganiyu emphasised that the solution is to allow economists who are the major planners of the nation’s development to play a vital roles.

He said, “The way forward is that our leaders should put the right people in the appropriate position to perform effectively. The government should shun favoritism and nepotism but work on national interest the merit of the person to keep our economy booming.”

However, a guest lecturer at the event, Atobiloye Woleola Misbahudeen said, “Frauds can be controlled through internal checks and audits, establishment of inspectorate department and engagement of external auditor’s services in an organisation.”

He added that special courts should be put in place to handle frauds/ corruption cases and convicted persons should be punished appropriately to serve as deterrent to other intending fraudsters.

The second speaker and an economic consultant, Alonge David Olukayode who presented paper on ‘ Effects of financial frauds on Nigeria economic development,’ noted that fraud is an inherent risk for companies.


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