Mr. Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), urged accountants in Nigeria to prioritize professional ethics and adhere to financial regulations.
He spoke during his speech at the 29th Annual National Conference of the Association of National Accountants of Nigeria (ANAN), themed “Advancing Accounting Excellence in a Changing World.”
In a statement obtained from the EFCC website, he emphasized that accountants, as specialists, must apply their knowledge ethically to address developmental challenges. “Your professionalism reflects the essence of the nation,” he stated.
Represented by CE Ahmed Pate, Director of Finance and Accounts at the EFCC, Olukoyede highlighted the commission’s interventions in cases of accounting malpractice over the past two decades. He noted that two former Accountant Generals were indicted for fraud, one of whom prioritized personal gain over national interests.
Olukoyede criticized the prevalence of fraud in the public sector, stating, “Hardly any fraud occurs without an accountant’s complicity.” He called for a responsible accounting profession that earns public trust and urged ANAN to enforce professional behavior strictly, with sanctions for violators, including the withdrawal of licenses.
He stressed the need for compliance with laws such as the Money Laundering (Prevention and Prohibition) Act, 2022, particularly regarding reporting obligations and customer due diligence. “The loss of any money due to shady dealings is unacceptable, and the EFCC will hold violators accountable,” he warned.
Finally, he noted that excellence in accounting practice is essential for relevance in today’s fast-paced global economy.
