In News by Oluwaseun Samuel on the 14th, July, 2020

Nigeria Loses N2.5 Trillion To Fraud Each 12 months

Nigeria Loses N2.5 Trillion To Fraud Every Year

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The Society for Forensic Accountants and Fraud Prevention (SFAFP), a physique that research the administration of funds by Authorities companies, has revealed that Nigeria loses N2.5 trillion  yearly within the nationwide funds to public sector fraud and corruption.

SFAFP Chairman Iliyasu Gashinbaki, revealed that in Africa, 25 per cent of annual budgets of nations are diverted via unhealthy schemes by politicians. 

Gashinbaki, talking at a digital induction of 192 associates of SFAFP on the weekend, revealed public officers mismanaged authorities cash by illegal use of public belongings for personal advances, underpayment of taxes and duties on export in addition to import.

Different strategies of embezzlement embody cost of wage to ghost employees; bribery and extortion; cost for air provide (items or providers not supplied or rendered); over and under-invoicing; fraudulent court docket awards of monetary compensations above harm suffered.


“Latest research have proven that almost all African governments battle with the massive debt burden, along with big lack of income on account of fraud and corruption constantly draining its little assets.

“In Nigeria, N2.5 trillion is misplaced yearly to fraud utilizing schemes like over and under-invoicing’. He stated.

“Different methods embody fraudulent court docket awards of monetary compensations above harm suffered, fraud and embezzlement embody cost of wage to ghost employees; bribery and extortion; cost for air provide and items or providers not supplied or rendered.

In keeping with Gashinbaki, the SFAFP, would proceed to offer technical help for the private and non-private sectors.

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