By Emmanuel Kwada
A clarion call for systemic accountability has emerged from the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), as its Founder and Chairman, Dr. Iliyasu Gashinbaki, advocates for a comprehensive Performance Forensic Audit to address entrenched inefficiencies and financial breaches in Nigeria’s public sector.
Highlighting glaring lapses in institutions like the Nigerian National Petroleum Corporation Limited (NNPCL) and the Central Bank of Nigeria (CBN), Dr. Gashinbaki warns that without rigorous oversight, Nigeria risks further economic stagnation and eroded public trust.
In an unprecedented revelation, Dr. Gashinbaki pointed out that the NNPCL, a cornerstone of Nigeria’s economy, operated for 43 years without a single audit of its accounts. This staggering oversight, he argues, epitomizes the systemic neglect that has plagued Nigeria’s public institutions.
The NNPCL, responsible for managing the nation’s vast oil and gas resources, has long been criticized for opaque financial practices, yet the absence of audits has allowed inefficiencies and potential mismanagement to persist unchecked.
Without forensic audits, we are leaving the door open for future financial breaches that could destabilize our economy
Similarly, the Central Bank of Nigeria (CBN) has come under scrutiny for breaching Section 38(2) of the CBN Act, 2007, which caps advances at five percent of the previous year’s federal government revenue. Under the tenure of a former governor, the CBN printed trillions of naira in violation of this provision, a move that Dr. Gashinbaki notes was unprecedented among previous governors. This breach, he warns, could recur without robust mechanisms like Performance Forensic Audits to enforce compliance and transparency.
“These are not isolated incidents but symptoms of a deeper malaise,” Dr. Gashinbaki stated in an exclusive interview. “Without forensic audits, we are leaving the door open for future financial breaches that could destabilize our economy.”
The energy sector, critical to Nigeria’s ambition of achieving a $1 trillion economy as envisioned by President Bola Ahmed Tinubu, is another focal point of concern. Despite its potential to drive industrialization and economic growth, the sector is hamstrung by inefficiencies in generation, transmission, and distribution.
In 2024, manufacturers spent a staggering ₦238.3 billion on alternative power sources, while the telecommunications industry burned through $350 million annually on diesel to keep operations running. These figures underscore the sector’s failure to deliver reliable energy, forcing industries to shoulder unsustainable costs.
A forensic audit would expose inefficiencies and hold those responsible accountable, paving the way for a more sustainable energy ecosystem
Dr. Gashinbaki argues that a Performance Forensic Audit of the energy sector is “not only necessary but exigent.” Such an audit would scrutinize financial management, operational performance, resource allocation, and infrastructure integrity to identify waste and ensure value for money.
“The current model of oversight is failing Nigerians,” he said. “A forensic audit would expose inefficiencies and hold those responsible accountable, paving the way for a more sustainable energy ecosystem.”
Beyond the NNPCL and CBN, Dr. Gashinbaki highlighted the mismanagement of donor-funded projects as a critical area requiring forensic scrutiny. A report by Corporate Accountability & Public Participation Africa (CAPPA) revealed that Nigeria is obligated to repay $6.25 million annually for 40 years—totaling $250 million, excluding interest—for the failed World Bank-funded Third National Urban Reform Programme.
A Performance Forensic Audit would have traced the flow of funds, verified implementation, and uncovered misappropriation or abandonment early on. Such failures erode public trust and jeopardize Nigeria’s access to future development financing
Approved in 2015 to improve water supplies in Ekiti, Bauchi, and Rivers States, the project has left residents reliant on contaminated water from vendors a decade later.
“This is a travesty,” Dr. Gashinbaki declared. “A Performance Forensic Audit would have traced the flow of funds, verified implementation, and uncovered misappropriation or abandonment early on. Such failures erode public trust and jeopardize Nigeria’s access to future development financing.”
To address these systemic issues, Dr. Gashinbaki proposes the establishment of an independent oversight mechanism, comprising forensic experts from CIFCFIN, civil society organizations (CSOs), and non-governmental organizations (NGOs). This body would conduct objective assessments of government resource utilization, ensuring transparency and accountability across federal, state, and local governments.
Additionally, he commended President Tinubu’s introduction of Key Performance Indicators (KPIs) for ministers but urged their extension to all levels of government, including Directors General, Chief Executives of Ministries, Departments, and Agencies (MDAs), and local implementation units. “The bulk of public expenditure occurs at these operational levels, where leakages and inefficiencies often fester,” he noted. “Embedding KPIs alongside forensic audits will ensure that budgetary allocations deliver measurable results.”
CIFCFIN, under Dr. Gashinbaki’s leadership, has positioned itself as a key player in Nigeria’s fight against corruption and financial crimes. Since its charter, the institute has trained forensic experts equipped with cutting-edge tools to tackle complex cases of fraud and mismanagement. “Working with CSOs and NGOs, we are confident that we can turn the tide for the betterment of Nigeria,” Dr. Gashinbaki affirmed.
The bulk of public expenditure occurs at these operational levels, where leakages and inefficiencies often fester. Embedding KPIs alongside forensic audits will ensure that budgetary allocations deliver measurable results
As Nigeria grapples with economic challenges and strives to meet its developmental goals, the case for Performance Forensic Audits has never been stronger. Dr. Gashinbaki’s advocacy underscores the urgent need for transparency, accountability, and efficiency in public institutions. By implementing independent oversight, extending KPIs, and leveraging forensic expertise, Nigeria can eliminate waste, restore public trust, and safeguard its economic future.
For further inquiries, Dr. Iliyasu Gashinbaki can be reached at president@cifcfin.org.
Read Also: Join the Crusade: CIFCFIN, Led by Dr. Gashinbaki, Offers Hope for a Corruption-Free Nigeria
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