Saturday, May 24, 2025
  • REPORT A STORY
  • PRIVACY POLICY
  • CONTACT
WITHIN NIGERIA
  • Home
  • Features
  • News Picks
  • Entertainment
  • MORE
    • Gist
    • Articles
    • Videos
No Result
View All Result
WITHIN NIGERIA
  • Home
  • Features
  • News Picks
  • Entertainment
  • MORE
    • Gist
    • Articles
    • Videos
No Result
View All Result
WITHIN NIGERIA
No Result
View All Result
  • Home
  • Features
  • News Picks
  • Entertainment
  • MORE
[adinserter block="17"]

Nigeria loses N2.5 trillion to fraud every year, Forensic body reveals

by Sodiq Lawal Chocomilo
July 13, 2020
in National
Reading Time: 1 min read
A A
0
Filed photo: Man holding Naira notes

Filed photo: Man holding Naira notes

A body that studies the management of funds by Government agencies known as the Society for Forensic Accountants and Fraud Prevention (SFAFP) has revealed that Nigeria loses N2.5 trillion yearly in the national budget to public sector fraud and corruption.

SFAFP Chairman Iliyasu Gashinbaki, revealed that in Africa, 25 per cent of annual budgets of countries are diverted through bad schemes by politicians.

Speaking at a virtual induction of 192 associates of SFAFP at the weekend, Gashinbaki revealed that public officers mismanaged government money by unlawful use of public assets for private advances, underpayment of taxes and duties on export as well as import.

Other methods of embezzlement include payment of salary to ghost workers; bribery and extortion; payment for air supply (goods or services not provided or rendered); over and under-invoicing; fraudulent court awards of financial compensations above damage suffered.

READ ALSO

OSINACHI: Refusal of governors to sign death sentence makes justice blurry in Nigeria

SPECIAL REPORT: Inside Story Of How Banks, ATM Charges Worsen Nigerians’ Economic Woes

TRIBUTE: Doyin Okupe: Son Of Banker Who Laced Medical Profession, Journalism, Politics With Great Efficiency

DSS Lagos Assembly Invasion, Osun State Violence, IBB’s Autobiography: Events That Shaped February

Ganduje’s Controversial Appointment as FAAN Board Chair: What Does the Law Say?

“Recent studies have shown that most African governments struggle with the huge debt burden, in addition to huge loss of revenue due to fraud and corruption consistently draining its little resources.

“In Nigeria, N2.5 trillion is lost yearly to fraud using schemes like over and under-invoicing’. He said.

“Other ways include fraudulent court awards of financial compensations above damage suffered, fraud and embezzlement include payment of salary to ghost workers; bribery and extortion; payment for air supply and goods or services not provided or rendered.

According to Gashinbaki, the SFAFP, would continue to provide technical support for the public and private sectors.

RELATED STORYPosts

Late gospel singer Osinachi and husband Mr Nwachukwu
National

OSINACHI: Refusal of governors to sign death sentence makes justice blurry in Nigeria

by uncledee
April 29, 2025
National

SPECIAL REPORT: Inside Story Of How Banks, ATM Charges Worsen Nigerians’ Economic Woes

by Nnadi Christopher Ikechukwu
March 19, 2025

Discussion about this post

POPULAR THIS WEEK

No Content Available
No Content Available
WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Privacy Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • WHO IS WITHIN NIGERIA?
  • CONTACT US
  • PRIVACY
  • TERMS

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

No Result
View All Result
  • Home
  • Features
  • News Picks
  • Entertainment
  • MORE
    • Gist
    • Articles
    • Videos

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName