Business
‘CIFIA Bill, No Threat To Other Professional Bodies’
The President, Chartered Institute of Forensic and Investigative Auditors in Nigeria (CIFIA), Dr Victoria Enape,says the CIFIA Bill does not pose a threat to other professional bodies.
Enape said this in an interview with newsmen in Abuja, Monday.
She said that the bill did not amount to duplication of duties as Nigeria had no other body in the field of forensic and investigative auditing.
She appealed to the National Assembly to disregard those appealing to them to throw out the bill.
Our source reports that a Public Hearing on the bill conducted by the Senate Committee on Establishment and Public Service chaired by Sen. Emmanuel Paulker held on March 15.
Enape, had during the public hearing, said the bill would help Nigeria to deepen fraud prevention, detection and preserve money in government treasury for infrastructure development.
She told the audience that the body would strengthen the anti-corruption fight by training relevant government agencies in the use of science and technology vis a vis forensic and investigative skills for auditing of financial statement.
“Our bill is not any sort of duplication, it is not a threat to any professional body in Nigeria.
“As we speak, there is no professional body in Nigeria that has forensic and investigative audit in their act, it is verifiable.
“We are the first to come out with a bill of this kind, if any professional body is seeing us as a threat, I want to advise them that we are no threat.
“Our professional body is a step up of what has been on ground, what has been on ground is not adequate.
“It is as a result of the inability and inadequacies of traditional auditing to sniff out fraud that gave rise to a new professional body called CIFIA.
“This is a new trend in the whole world, though, it just came to Nigeria. If it has helped other countries to eradicate fraud and corruption, it will also help Nigeria.”
She alleged that those opposed to the bill had been appealing to their senators through text messages and social media to throw out the bill when presented again at plenary.
According to her, it will be counter-productive to kill such a well-meaning bill, hence the need for senators to disregard such appeals to throw out the bill.
She said that there was separation of powers in the financial sector in Nigeria, Auditor-General for the Federation and Accountant-General of the Federation.
The president said that, while Accountant-General prepared the financial statement, Auditor-General audited the financial statement in the traditional manner.
“Now, we are saying that we have to be a forensic audit body that will be able to audit the financial statement with the use of science and technology. Fraudsters have gone digital and we have to tackle them digitally.
“Two professional bodies are too small for Nigeria, people should not see this as a proliferation of professional bodies, the issue of merging CIFIA and Chartered Institute of Forensic Accountants should not come up.
“It means there will not be checks and balances. if the senate feels like passing the two, it is better because forensic accounting deals with accounting forensically, while forensic auditing deals with auditing forensically,” she said.
According to Enape, CIFIA did not emanate from Nigeria but from Canada where it has its headquarters, hence it cannot be merged with a professional body that emanated from Nigeria.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos