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.
Redeployed Customs Officers Assume Office At New Posts
Redeployed Zonal coordinators and controllers affected by the recent swapping exercise in the Nigeria Customs Service (NCS) have since taken over their new posts.
Assistant Comptroller General and Comptrollers affected by the change of batons have gone into action in the respective Zones and Area Commands respectively.
As at Press time, ACG Bello Jibo, the new Coordinator, Zone A, has begun to hold forth at the Harvey Road Zonal Headquarters in Yaba, Lagos.
Comptroller Dera Nnadi, Jaiyeoba, and Shuaibu have resumed their duties as Customs Area Controllers of Tincan Island Port, Apapa and Idiroko Commands respectively.
Comptroller Timi Bomodi has also begun overseeing customs activities at Seme-Krake Border Command.
In an exclusive chat with The Tide, Chairman, Seme Chapter of the Association of Nigeria Licensed Clearing Agent (ANLCA), Chief Oyekachukwu Ojinma (aka Sule) described the outgoing Controller of the Command, Comptroller Dera Nnadi, as a very hard-working and dedicated man, while welcoming the new Customs Area Controller to the border post.
The ANLCA Chairman expressed his wish for a successful tenure of office for Compt. Timi Bomodi.
By: Nkpemenyie Mcdominic, Lagos
‘Electricity Act Will Transform Power Sector’
Minister of Power, Adebayo Adelabu, has stated that the recently signed Nigerian Electricity Act, 2023, will play a fundamental role in transforming the power sector.
According to him, it will unlock the potential of the energy mix and promote the integration of renewable energy technologies into the grid system.
Speaking at the ongoing Nigeria Energy Conference and exhibition in Lagos, Adelabu said the Act aims to create an environment that supports sustainable growth and investment in the power industry by focusing on accelerated private investment and the promotion of renewable energy sources.
“As a game-changer that reformed the NESI, the Electricity Act will, undoubtedly, engender increased access to electricity and regulatory oversight, clean energy transition, improved service delivery, and infrastructural developments.
“In particular, the act will stimulate economic growth by creating a conducive environment for investment and competition. It will generate job opportunities, encourage entrepreneurship, and attract foreign direct investments”, he said.
The Minister called on operators in the power sector to intensify their efforts towards improving communication with the general public, emphasising that the Nigerian masses have a lot of roles to play in safeguarding power infrastructure.
He said issues such as vandalism, passing of meters, and damage to TCN and DisCo infrastructure must be addressed holistically to make significant gains in the power sector.
Adelabu emphasised that the power sector is a cornerstone for economic growth in the country and that the gains made over the years in the power sector can only be consolidated by unlocking equity investments and funds for power development.
He said: “Of course, a lot of investment is required in the power sector. In three weeks, I’ve seen humongous investments that have come into this sector.
“But what are the steps that are required for those investment opportunities to reap the benefit of those investments, additional investments in the form of equity and capex need to come into this industry.
“The power sector is not an industry for short-term players to invest in less than two to three years and expect to make maximum benefits.
“The industry requires medium to long-term investments. Investors must understand that the moment we can break even, we will start making profits in the power sector.
Adelabu also urged operators in the NESI value chain to improve their service delivery, adding that Nigeria’s energy expansion plan of 60,000 Megawatts by 2060 is an achievable target.
He, therefore, called on gas companies, GenCos, TCN, and DIScO to showcase their success stories in generating and transmitting power to the last mile that pays for all the segments of operators in the value chain.
‘Nigeria Loses $1.5bn Annually To Malnutrition’
Minister for Budget and Economic Planning, Abubakar Bagudu, has said Nigeria loses $1.5 billion of its Gross Domestic Product (GDP) annually due to micronutrient deficiencies.
Bagudu therefore called for coordinated efforts to ensure a swift response with expected positive outcomes.
A statement released by the Ministry said the Minister disclosed this, last Tuesday, while speaking at the 53rd Annual General Meeting and Scientific Conference of the Nutrition Society of Nigeria in Abuja.
In the statement, Bagudu noted that the government was determined to tackle malnutrition through the inclusion of nutrition in the National Development Plan, and the Nigeria Agenda 2050.
“It is also a commitment to achieving optimal nutrition status for all Nigerians with particular attention to the vulnerable group as highlighted in the National Multisectoral Plan of Action for Food and Nutrition”, he said.
Bagudu, who urged experts in nutrition in the country to research and develop innovations that will boost nutrition, explained that doing this “would contribute towards achieving Sustainable Development Goals (SDGs), ensuring Universal Health Coverage, and bringing about significant positive changes in the nutrition sector in Nigeria”.
He told members of the Nutrition Society of Nigeria “to prioritise innovation and research in the field of nutrition towards the attainment of Sustainable Development Goals, Universal Health Coverage and transformation of the landscape of nutrition in Nigeria.
“Nigeria currently requires nutrition professionals who have extensive knowledge, good communication skills to address nutrition education, emotional intelligence as well and a good understanding of self-motivation and drive to address nutrition dynamics”.
The Minister urged the NSN to embrace technology, leverage digital solutions, and invest in research and development to find sustainable and scalable solutions to Nigeria’s nutrition challenges.
He assured members of the NSN that his ministry would strengthen coordination and provide the required leadership for the nutrition sector.
The Kwara State Governor, AbdulRahman AbdulRasaq, in his goodwill message, said the Nigerian Governors’ Forum (NGF) had identified areas of key commitments for the realisation of a healthier citizen and country, including increasing budgetary spending on nutrition and strengthening the nutrition profile.
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