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Blog Article

Cleaning up Fraud & Corruption in Nigeria

Tuesday 28 July 2015

An article by StarAfrica states that Nigerian banks reported more than 10,000 cases of fraud in the banking sector last year.

The Nigeria Deposit Insurance Corporation (NDIC) reported that Nigerian banks experienced 10,612 fraud cases in 2014, up by 183 percent when compared to the prior year. This information is based on the audited financial statements of the NDIC prepared on the basis of International Financial Reporting Standard (IFRS) and in line with the requirements of the Financial Reporting Council of Nigeria (FRCN).

The report noted that the rise in:

expected/actual loss in fraud and forgeries was mainly due to the astronomical increase in the incidence of web-based (online banking)/ATM and fraudulent transfer/withdrawal of deposit frauds.

Fraud and corruption in Nigeria is known to be an obstacle to growth as Africa's newly-declared largest economy expands and claims its place at the table of economic giants.

IASeminars has been working on this important issue with African clients for some time, offering courses on international accounting standards for both the private and public sectors (IFRS, IPSAS), as well as on governance and accountability. These include specialist courses on fraud and corruption management, designed to help combat this scourge.

As part of its pan-Africa initiative, IASeminars has also signed a number of important collaboration agreements with organisations including:

  • The South African Institute of Chartered Accountants
  • Association of National Accountants of Nigeria
  • The Institute Of Chartered Accountants (Ghana)
  • EY (Ghana).

We have scheduled courses across five different countries in Africa including the following that are related to fraud and corruption in the workplace:

  • Detecting and Investigating Public Sector Accounting Frauds
    3 days- Accra
  • Corporate Governance Fundamentals - Comprehensive Workshop
    5 days- Accra
  • Detecting and Investigating Public Sector Accounting Frauds
    3 days- Nairobi
  • Detecting and Investigating Financial Statement Fraud
    2 days- Nairobi
  • Corporate Governance Fundamentals - Comprehensive Workshop
    5 days- Nairobi
  • Detecting and Investigating Fraud in the Workplace - Comprehensive Workshop
    5 days- Cape Town

Further reading:

Immediate past president of the Institute of Chartered Accountants of Nigeria (ICAN), Chidi Ajaegbu, on how only attitudinal change can move Nigeria forward:

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