The Association of Certified Fraud Examiners (ACFE), South-West Nigeria Chapter, spearheaded a multifaceted campaign against financial fraud in Nigeria during International Fraud Awareness Week. This concerted effort underscores the organization’s commitment to fostering transparency and accountability within the nation’s financial landscape. The week’s activities encompassed a range of strategic engagements, capacity-building initiatives, and collaborative partnerships designed to strengthen the collective fight against fraud and corruption. By focusing on education, knowledge sharing, and collaborative action, the ACFE aimed to empower individuals, organizations, and the broader community to actively participate in creating a more ethical and transparent financial ecosystem.
A prominent highlight of the International Fraud Awareness Week activities was the ACFE’s strategic engagement with key stakeholders in the fight against financial crime. The courtesy visit to the Nigerian office of the Association of Chartered Certified Accountants (ACCA) exemplified the importance of inter-organizational collaboration in combating corruption. This meeting emphasized the shared commitment of both organizations to upholding ethical standards and promoting financial integrity. Mr. Tom Isibor, ACCA Country Head, emphasized the value of such partnerships, recognizing their critical role in strengthening the overall framework for combating corruption in Nigeria. This collaboration signifies a united front against financial malpractice, leveraging the expertise and resources of both organizations to achieve a common goal.
The ACFE’s commitment to capacity building was further demonstrated through a well-attended webinar focused on the crucial aspect of establishing robust anti-fraud programmes within organizations. Facilitator Fiyinfolu Okedare underscored the importance of tailoring these programmes to the specific risks and vulnerabilities faced by individual entities. This emphasized the need for a proactive and adaptive approach to fraud prevention, moving beyond generic solutions towards customized strategies that address the unique challenges of each organization. The webinar highlighted the essential role of integrating ethics and accountability into these programmes, fostering a culture of integrity that serves as a strong deterrent against fraudulent activities.
A panel discussion on ethics and fraud provided a platform for in-depth exploration of the complex interplay between ethical decision-making and fraud risk mitigation. Experts, including Oluwatomi Benson from KPMG West Africa, delved into the intricate balance between risk and deception. The discussions emphasized the pivotal role of ethical considerations in shaping organizational culture and influencing individual behavior. Benson’s assertion that “ethical decision-making is central to mitigating fraud risks” highlights the fundamental importance of embedding ethical principles into every facet of an organization’s operations. The panel discussion served as a valuable forum for sharing insights and best practices, equipping participants with the knowledge and tools to strengthen their ethical frameworks and enhance their fraud prevention efforts.
The ACFE also prioritized corporate engagement, undertaking visits to prominent organizations such as TVC Communications, KPMG Nigeria, and Forvis Mazars. These visits served as a platform for knowledge sharing and fostered collaborative efforts to address systemic fraud risks. The emphasis on collaboration underscores the understanding that combating fraud effectively requires a collective approach, involving stakeholders across various sectors. Olawuyi Saheed of KPMG’s statement, “Collaboration is key to addressing systemic fraud risks,” encapsulates the spirit of these engagements. By forging strong partnerships with key organizations, the ACFE aimed to create a network of shared responsibility and coordinated action in the fight against fraud.
Dr. Titilayo Fowokan, President of the ACFE South-West Nigeria Chapter, emphasized the critical importance of continuous learning in the fight against fraud. Recognizing the constantly evolving nature of fraud schemes and techniques, she stressed the need for professionals to stay abreast of the latest trends and best practices. Under her leadership, the chapter has implemented a comprehensive 7-point agenda focused on capacity building, enhancing social visibility, and fostering anti-fraud collaboration. This proactive approach reflects the chapter’s commitment to equipping its members with the knowledge and skills necessary to effectively combat fraud in its various forms. Dr. Fowokan’s vision of a “fraud-free Nigeria” underscores the ambitious goal driving the chapter’s efforts to instill a culture of accountability and professional competence in fraud examination. Her optimism about the progress made in 2024 and the plans for 2025 further solidifies the ACFE’s commitment to this ongoing battle. The organization’s call for collective action resonates as a vital message, urging all stakeholders to join forces in building a future where integrity and accountability prevail.
