By Emmanuel Kwada
In a powerful address at the 12th Direct Membership Graduation and Fellowship Award Ceremony of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), held at the National Institute for Legislative and Democratic Studies (NILDS) in Abuja, Dr. I.B Gashinbaki, FCCrFA, FCCFI, Founder and Pioneer President, inducted 152 new forensic professionals into its ranks.
The occasion, marked by a compelling address from Dr. I.B Gashinbaki, the institute’s Founder, Pioneer President, and Chairman of the Governing Council, was not merely a celebration of academic and professional achievement but a rallying cry for these graduates to confront Nigeria’s entrenched challenges in development finance.
Dr. Gashinbaki’s speech, titled “Forensic Performance Audit for Development Partner Projects: A Tool to End Nigeria’s Cycle of Debt Without Development,” painted a stark picture of a nation burdened by loans that have failed to deliver tangible progress, urging the newly certified professionals to leverage their skills to break this cycle.
The induction of 152 participants reflected the growing recognition of forensic expertise as a cornerstone of nation-building
Dr. Gashinbaki began by acknowledging the significance of the event, emphasizing that the induction of 152 participants reflected the growing recognition of forensic expertise as a cornerstone of nation-building.
He challenged each graduate to identify a critical issue within Nigeria’s development finance ecosystem where their skills could make a difference, framing their role as change agents in a country grappling with systemic inefficiencies.
He then turned his focus to a pressing national issue: Nigeria’s reliance on development partner loans for infrastructure projects, which has resulted in a troubling paradox of escalating debt with little to show for it.
To illustrate, he cited the Third National Urban Water Sector Reform Programme (NUWSRP3), a World Bank-funded initiative launched in 2015 with a $250 million loan to improve water access in Ekiti, Bauchi, and Rivers States.
A decade later, the project has largely collapsed, leaving residents dependent on water vendors who charge between ₦500 and ₦40,000 monthly for often contaminated supplies.
Nigeria must repay $6.25 million annually for 40 years, totaling $250 million, excluding interest, despite the project’s negligible impact
This failure, he noted, comes with a steep cost: Nigeria must repay $6.25 million annually for 40 years, totaling $250 million, excluding interest, despite the project’s negligible impact.
Delving into specifics, Dr. Gashinbaki highlighted the case of Ero Dam in Ekiti State, where a $50 million World Bank loan funded modern pumps, pipelines, and treatment systems intended to provide clean water to thousands.
Yet, the project lies dormant, its infrastructure rendered useless due to a fundamental oversight: the lack of a reliable electricity supply to power the dam’s operations.
The project stalled after $30 million was disbursed, with “conflicts” cited as the reason, yet the state remains obligated to repay the funds
In Bauchi, millions were spent on new pipelines, but many are now broken, delivering contaminated water that has left children sick and families burdened with monthly water expenses of up to ₦40,000—a crushing cost in a nation where 63% of the population lives in poverty.
In Rivers State, the project stalled after $30 million was disbursed, with “conflicts” cited as the reason, yet the state remains obligated to repay the funds. Dr. Gashinbaki pointed out that this pattern is not new, referencing earlier projects in 2010 in Kaduna, Ogun, and Enugu, which were quietly labeled “moderately unsatisfactory” in reports.
Despite these failures, the same flawed model was applied to subsequent projects in Lagos, Cross River, Ekiti, Bauchi, and Rivers, perpetuating a cycle of waste and debt.
The Water Resources Bill, linked to $700 million in loans, which have sparked debate over their implications for national sovereignty.
The root causes, he argued, lie in systemic flaws within the development finance framework. Loan agreements, often drafted in distant offices, tie repayments to Nigeria’s Federation Account, leaving little room for flexibility.
State Project Implementation Units (SPIUs), tasked with overseeing these funds, are frequently staffed by political appointees lacking the technical expertise needed to manage complex projects effectively.
Additionally, he alluded to controversial conditions, such as the Water Resources Bill, linked to $700 million in loans, which have sparked debate over their implications for national sovereignty.
Dr. Gashinbaki was clear that borrowing itself is not the issue, noting that no developed economy has been built without strategic debt.
The problem, he emphasized, is borrowing without accountability, resulting in projects that fail to deliver while burdening future generations with repayment obligations.
We would trace every dollar from loan approval to contractors’ pockets, interrogate the decisions of SPIUs, and demand evidence to uncover why projects collapsed
His proposed solution was a call for comprehensive Forensic Performance Audits to scrutinize donor-funded and development-partner-supported projects across Nigeria. Such audits, he argued, would trace every dollar from loan approval to contractors’ pockets, interrogate the decisions of SPIUs, and demand evidence to uncover why projects collapsed or stalled.
This approach, he suggested, could expose misappropriation, hold responsible parties accountable, and restore public trust and donor confidence in Nigeria’s ability to manage development financing effectively.
He positioned the graduates as the vanguard of this effort, equipped with the knowledge, tools, and ethical foundation to drive change. By deploying their forensic skills, they could help Nigeria choose a path of accountability over the status quo of unchecked debt accumulation.
By deploying their forensic skills, they could help Nigeria choose a path of accountability over the status quo of unchecked debt accumulation
Dr. Gashinbaki also took a moment to express gratitude to key stakeholders who made the event possible, including Prof. Abubakar O. Sulaiman, the Director General of NILDS, for hosting the ceremony, as well as the members of CIFCFIN’s Governing Council, the Professional Training and Standards Committee, the Registrar, and the institute’s staff for their unwavering commitment.
He concluded by reiterating the graduates’ new role as “change makers” in Nigeria’s anti-corruption efforts, urging them to embrace their responsibility to transform the nation’s development landscape.
The ceremony, attended by dignitaries, institute members, and the families of the graduates, underscored CIFCFIN’s growing influence in shaping a more accountable and prosperous Nigeria.
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