Nigeria: Use Forensic Accounting to Reveal Terrorism Financiers, ICAN Tells Buhari

The Institute of Chartered Accountants of Nigeria (ICAN) on Friday told President Muhammadu Buhari that the financiers of terrorism in the country could be traced and checked through the application of the principles of forensic accounting.

The ICAN leadership, during a courtesy visit on Friday to the President at the State House, Abuja, told him that the Institute was ready to avail the country of its technical competences in forensic audit and work with security agencies to expose the perpetrators of the illegal business.

ICAN President, Mrs Comfort Olu Eyitayo, who spoke on behalf of the Institute, emphasised that Forensic Accounting, working with security outfits, could be used to reduce the security challenges facing the country by tracking all monies used in committing crimes, and payments.

She said, “We are worried with the nefarious activities of some bad elements in the society who engage in the dastardly acts of terrorism, banditry, kidnapping, killings for ritual purposes, among many others.
“Fighting terrorism is a big challenge across the world and we commend the efforts being made to stem this tide in our country.
“As Chattered Accountants, we acknowledge our role in combating terrorism by the application of the principles of forensic accounting and following the money to fish out the perpetrators of these illegal activities.
“Sir, we would continue to avail the country of our technical competences in forensic audit, working with other security agencies to expose these enemies of progress.”
The ICAN boss also disclosed that the Institute has signed a Memorandum of Understanding, (MoU) with the Nigerian Police Academy on forensic investigations and auditing aimed at contributing to the national desire for a prosperous economy.

Eyitayo said the Institute had established seven faculties to train accountants in specialised fields, which include forensic accounting, adding that “it is noteworthy that the Institute had signed an MoU with the Nigerian Police Academy on forensic investigations and auditing.”
She appreciated President Buhari and his administration for adhering to best accounting principles and practices to secure and revive the economy, particularly by reverting to the January to December budget calendar.
Eyitayo, however, said ICAN was taken aback by a memo that emanated from the Head of Civil Service of the Federation, stating that professional certificates would no longer be used as qualification for entry level into the nation’s civil service.

According to her: “This, to say the least, is a most unfortunate development, because encouraging professionalism across all levels of government would give traction to the quality of service delivered by our civil servants.
“We appeal to you (Buhari) sir to use your esteemed office to analyse the merits and demerits of this decision and direct that it should be retraced.”
Welcoming the delegation, President Buhari declared that professionals in various fields, especially accounting, provide the strength and framework for thriving economies, assuring that his administration will continue to engage experts to gain measurable and reliable results.
The President noted the contributions of the Institute in ensuring probity, accountability and transparency, urging more diligence and professionalism.

According to him: “Having served as a military Head of State, and returned to politics to serve as a President, after losing three elections, I have seen the system of accountability in the country, and the mess to be cleaned up.”
Describing ICAN as a “social stabiliser” of the economy, the President said he would go through the reports and recommendations of the Institute on inclusivity and strengthening of the nation’s accounting system for growth.

Deji Elumoye in Abuja

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