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Corruption: Economist Canvasses Forensic Accounting

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An Economist, Mr Deji Okubanjo, last Tuesday called for the adoption of forensic accounting and auditing in tackling financial crimes in both the private and public sectors of the economy.

Okubanjo told newsmen in Omu-Aran, Kwara, that the call became necessary due to the failure of audit systems in curbing large scale financial irregularities.

The expert described forensic accounting and auditing as forms of investigation and enquiries that had legal implications in examining the legitimacy of an occurrence based on evidence.

Okubanjo, who is also the Director of Financial Services, Landmark University in Omu-Aran, said that audit system had failed to prevent and reduce severe financial irregularities and should be replaced.

“The need for forensic audit and accounting arises because internal and external audit have failed to figure out certain severe malpractice and falsifications in the managerial system,” he said.

Okubanjo highlighted factors militating against the audit systems to include non adherence to compulsory statutory audit rotation and non use of merit in appointing statutory auditors.

Other factors are internal audit and audit committees’ failure to throw more light on the different facts and other hidden aspects of corporate fraud.

He said that while the internal auditors might be able to detect fraud, the absence of a whistle blowing system would make it almost impossible to report and take proper action in time.

The expert said that corruption in third world countries was becoming alarming and was not only crumbling the economy, but affecting the citizens’ standard of living and their image.

“For this reason the services of forensic accountants and auditors are more required in developing economies and more especially in the public sector.

“The Institute of Chartered Accountants and regulatory bodies in all developing countries should encourage formalisation and specialisation in the field of forensic accounting and auditing,” he said.

Okubanjo singled out the Economic and Financial Crime Commission as the only body in the country that was intensively fighting crime through forensic investigation.

“Through this, the commission’s high profile cases are thoroughly investigated,” he said.

Okubanjo also suggested the introduction of forensic crime investigation in the school syllabus to catch young brains who might be interested in pursuing it as a career.

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Environment

Bayelsa And Flooding

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Bayelsa is one of the states in the country that is prone to flooding.
The state which is located in the heart of the Niger Delta Region of Nigeria has a low land and marshy environment.
Moreover, the state has several creeks running from the Rivers Niger and Benue to the sea.
Bayelsa is always affected by any increase in water level in Rivers Niger and Benue.
In the 2012, flooding, half of the state was submerged by water and even the capital Yenagoa was not spared.
Water covered the entire road in the capital city including the road leading to the government house.
Also in that year, some communities were also affected.
Some of these communities are: Egwe-Ama in Brass Local Government. Otubhi in Ogbia, Edwarie in Southern Ijaw and Trofani.
Adagbabiri, Odonni Anibeze and Asamabiri in Sagbama Council Area.
The rest are: Kaiama, and Sampou in Kolokuma/Opokuma Local Government Area.
As at the last count, more than 20 communities were affected.
In Obagene and Okututulu towns residents were forced to vacate their homes business and schools were shut down.
The surprising thing is that since the incident, there has been no effort by both the state and federal governments to find solutions to the problem.
In 2013 and subsequent years that followed, residents also vacated their homes.
For how long will this continue?
Already, some residents of the state are beginning to be agitated over the possibility of having to vacate homes this year, 2022.
Some of them raised concern in an interview.
According to some of them, whenever flooding occures there are many risks associated with it .Take for instance, the issue of snakes and other reptiles that searched for higher ground to stay until the water is obated.
There are also rodents that invade houses because every where is flooded.
“We need help but no one seems to care. We have resorted to moving some of our valuables to neighbours houses because there are no shelter provided by the government.
Another residents who spoke under anonymity said they normally used dugout canoes to access their houses during period of flooding.
It is on this note that I called on government to do something urgently about the situation.

By: Abiye Nelson Amadi

 

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Environment

Edo To Check Erosion In Flood Prone Communities

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Edo State Governor, Mr Godwin Obaseki, has said his administration will intensify work on intervention programmes to check the menace of gully erosion as part of efforts to alleviate the sufferings of residents in erosion-prone communities in the state.
The governor told journalists after inspecting gully erosion sites in Ogiso Quarters and Urora in Ikpoba-Okha Local Government Area of the state, that his administration started addressing the flood challenges in the areas because before now, the places were devastated after a rainstorm.
He said: “For us, it is about rebuilding our communities and improving the lives of our citizens. You can imagine the span of this drainage system with over 50 hectares of land and property which has now enhanced their values.
“I believe this is what development is all about. This is how communities and citizens are being supported. But let us not forget that all these would not have happened without the assistance of the World Bank under the Nigeria Erosion and Watershed Management Project.”
“The purpose of this visit is to confirm that the underground drainage work has been properly completed and the next logical step is to make sure that the road network is covered and the communities have the full benefits that come with this project.”
He added, “This project is not a fancy one. We need to invest in the environment so that we can protect people’s property and livelihoods.”

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Environment

Rowland Nwakanma Sacked As Deputy General Of Abia Environmental Agency

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Governor Okezie Ikpeazu of Abia State, has sacked the Deputy General Manager of Abia State Environmental Protection Agency (ASEPA) Aba, Chief Rowland Nwakanma.
The Governor also approved the immediate removal of all local government waste management zonal heads in Aba except Aba Owerri road, Ikot Ekpene road and express.
This was announced in a release signed by the Secretary to the State Government (SSG), Barrister Chris Ezem and made available to The Tide source last Thursday, in Umuahia, the State capital.
No reason was adduced over their sudden removal.
However, the release by SSG stated that all the sweepers in these areas are not affected and should continue to discharge their daily duties of keeping the roads clean.
Governor Ikpeazu further directed the state commissioner for environment to take over and oversee Aba waste management and immediately advertise for the engagement of professional waste managers to handle the various zones.
The release stated, “Government will henceforth not Condone any lapses in the waste management effort in Aba and Umuahia and accordingly expect immediate evacuation of all residual wastes in all locations around the city of aba and Umuahia without any delay”.

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