The Economic and Financial Crimes Commission (EFCC) has announced an initiative to enforce more stringent oversight on accountants across Nigeria to curb corruption and financial crimes.
The announcement was made by EFCC Secretary Ola Olukoyede at the 29th Annual National Conference of the Association of National Accountants of Nigeria (ANAN) held in Abuja.
Olukoyede highlighted the pivotal role of accountants in both facilitating and preventing financial fraud.
He stressed the necessity for accountants to comply with professional ethics and financial regulations, stating that public sector fraud often involves the complicity of accounting professionals.
Olukoyede stated: “As people with specialist knowledge and who are expected by their training to follow a standard procedure based on ethics in applying their technical knowledge to solving developmental challenges, how well you discharge your duties mirrors the nation’s essence.”
The EFCC plans to collaborate with accounting bodies to ensure adherence to ethical standards and to impose stringent sanctions on those who breach these codes.
Addressing the conference, Olukoyede underscored the importance of accountants upholding ethical standards and adhering to financial regulations.
He expressed concern over the involvement of accountants in criminal activities, noting that the EFCC has intervened in numerous cases over the past two decades.
Olukoyede cited instances where two former accountant-generals were investigated and found guilty of fraud, with one being a fellow of ANAN who put personal gain above national interest.
He also mentioned cases where accountants were convicted of embezzling public funds, money laundering, and aiding corrupt practices.
The EFCC secretary warned that significant public sector fraud could not occur without the involvement of accountants.
He urged ANAN to enforce stricter adherence to professional ethics among its members and to sanction those found violating ethical codes, including the withdrawal of licenses.
Olukoyede emphasised the critical need for compliance with laws, particularly the Money Laundering (Prevention and Prohibition) Act, 2022.
He reminded accountants of their reporting obligations to the Special Control Unit against Money Laundering and the necessity for due diligence with clients.
Concluding his address, Olukoyede reaffirmed the EFCC’s commitment to working with professional bodies to promote a more responsible accounting profession.
He noted that maintaining excellence and integrity is essential for accountants to remain relevant in the rapidly changing global economy.
