financial News

The Association of Forensic and Investigative Auditors (AFIA) in Nigeria has called on the government to attack financial frauds before they occur. The president of the association, Mrs. Victoria Enape Ayishetu, who made the call in Abuja, said nipping fraud in the bud can only occur through forensic audit. She spoke at the induction and training of new members titled “Transition to Forensic and Investigative Audit 2” held in Abuja. “Proactiveness is what we keep preaching. We must be proactive in this respect because prevention they said is better than cure. We should not give room for fraud to take…
The Minister of Finance, Mrs. Kemi Adeosun, has said the thought of saddling future generations with unserviceable debts is not part of the President Muhammadu Buhari-led administration’s agenda. Adeosun stated this in an article entitled, ‘The debt debate: Deconstructing the debt story’, in which she explained the debt history, the short-term strategy and the medium to long-term outlook for the economy. She said anyone who thought that the economy the administration inherited in 2015 was in need of minor adjustment was deluded. The minister stated, “Oil prices had plunged from a height of over $120 to a low of $28…
The Attorney General of the Federation and Minister of Justice Abukabar Malami has said the Federal Government will soon name people from whom public funds have been recovered. He said the government was working on a presidential directive to ascertain such people. “President Muhammadu Buhari has directed all relevant agencies to compile documents on names of all looters with a view to promptly enforcing the judgment of a Federal High Court in Lagos ordering the government to release to Nigerians information about the names of high ranking public officials from whom public funds were recovered,” Malami said. Malami spoke yesterday…
The Economic and Financial Crimes Commission on Monday arraigned two oil marketers and their firms for an alleged banking fraud of N7.7bn. The defendants – Ogbor Eliot; Godwin Okoronkwo; Danium Energy Services Ltd; and Petrosol Energy Ltd – were arraigned on 10 counts before the Federal High Court in Lagos. In the charges, the EFCC alleged that the defendants conspired among themselves to fraudulently induce a bank to deliver a total of N7.7bn to Danium Energy Services Limited. They were said to have fraudulently obtained the money from the bank on the false claim that their company, Danium Energy Services…
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