Africa $148bn Annual Loss to Financial Crime Not Well Investigated- AFAR — Leadership Newspaper


The Association of Forensic Accounting Researchers (AFAR) has said that the $148 billion African countries, including Nigeria lose to fraudulent acts on annual basis has not been properly investigated.

It noted that the trend would become almost irreversible until businesses and government agencies approached economic and financial crime with science based forensic investigations.

The United Nations Economic Commission for Africa, UNECA, has earlier revealed  that African continent lose a whopping $148 billion annually to  various fraudulent activities, while  these acts represent about 25 per cent of the continent’ s average Gross Domestic Products, (GDP).

But AFAR has maintained that most of these fraudulent activities lacked depth in terms of forensic  research and has continued to sabotage  various efforts to get to the root of the scourge.

Speaking at the inaugural lecture of the association in Lagos,  President of AFAR, Dr Godwin Oyedokun reiterated that absence of…

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