The Shocking Truth About Nigeria’s Contract Scams

did you know that Nigeria is losing a whopping N1.4 trillion every year to contract scams and fraud? And guess what, it could get even worse if nothing is done about it! The Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) has sounded the alarm, warning that if things don’t change, the losses could skyrocket to N3 trillion by 2025. That’s a crazy amount of money, right?

The Institute is really pushing for a change in the way government contracts are awarded. They’re calling for the inclusion of forensic experts in the procurement laws to stop these scams. Dr. Iliyasu Gashinbaki, the President of CIFCFIN, made it clear that the traditional way of vetting contracts just isn’t cutting it anymore. He’s all about conducting a forensic review and digitising the process to make it more transparent and accountable.

And get this, the Institute is ready to team up with the government to make this happen. They want to use their pool of forensic experts to tackle this issue head-on. It’s all about bringing awareness to the danger of fraud and making sure everyone knows what’s at stake.

One of the examples they mentioned is the case of Global Steel Holdings Ltd (GSHL) and the Nigerian steel industry. It’s a real eye-opener to see how these fraudulent contracts can have such a huge impact. The settlement payment of $496 million was 91 per cent less than the firm’s earlier claim of $5.258 billion! That’s a massive difference, and it just shows how serious this issue is.

So, let’s keep an eye on this and hope that the government takes the necessary steps to put an end to these contract scams. It’s a big deal, and we all need to be aware of what’s going on. Stay informed, folks!