ABUJA
The Chairman of the Securities and Exchange Commission (SEC), Mairiga Aliyu Katuka, has stressed that Nigeria’s aspiration to build a $1 trillion economy will remain out of reach unless the nation strengthens its forensic systems, rebuilds investor confidence, and promotes greater transparency across its capital market and public institutions.
Katuka made this known on Thursday during the 2nd Founders’ Day Celebration of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), held at the ACCI Conference Centre in Abuja. The event gathered top political leaders, economic experts, and regulatory authorities who underscored the importance of forensic science in improving governance and stabilizing financial systems.
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- “You know the government is aiming for a $1 trillion economy, and one of the best channels to reach that goal is through the capital market. As forensic experts and investigators, your work is crucial in boosting investor confidence. When you uphold integrity, the market gains trust,” Katuka said.
Former House of Representatives member and sponsor of the CIFCFIN Bill, Rt. Hon. Yusuf Buba Yakubu described the creation of a national forensic corps as a landmark achievement. He noted that Nigeria had spent billions of naira on foreign forensic certifications for years.
- “My greatest joy today is seeing the first set of certified forensic practitioners trained locally. Before now, Nigerians had to travel abroad for this certification. Today, we have our own legally recognized institute providing this training,” he said.
In his keynote address, Dr. Iliyasu Gashinbaki, Founder of CIFCFIN and Chairman of its Governing Council, highlighted the institute's role in combating corruption, financial crimes, and institutional decay. He referenced the historic SERAP v. Federal Government judgment on the NDDC forensic audit, showing how forensic evidence and investigative journalism can expose malpractice and enforce accountability.
- “This case shows the powerful intersection of forensic science and investigative journalism. When experts, civic groups, and journalists work together, democracy grows stronger, institutions become transparent, and corruption is brought to light,” he said.
Gashinbaki also cited the P&ID scandal and BudgIT’s findings of N6.93 trillion project insertions in the 2025 budget as further proof of Nigeria’s urgent need for scientific scrutiny, fraud detection, and improved accountability in public finance.
He outlined CIFCFIN’s progress over the last two years, including partnerships with the Bureau of Public Procurement (BPP), Standards Organisation of Nigeria (SON), ANAN University, various engineering bodies, and its observer role on important SEC committees and tribunals. The institute has trained more than 6,000 forensic and fraud investigation professionals, with membership surpassing 6,200.
Gashinbaki further urged a review of the Freedom of Information Act to reflect the complexities of modern digital-age corruption, insisting that investigators need quicker access to public data.
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He encouraged all graduating fellows and certified members to see themselves as protectors of national integrity, noting that Nigeria’s future stability depends on professionals capable of tracking leakages, exposing fraud, and strengthening public institutions.
Prof. Michael Adebayo Ayeni, Chairman of CIFCFIN’s Professional Training and Standards Committee, described the event as a celebration of exceptional visionaries whose efforts produced an institution now central to justice, accountability, and good governance.
Participants unanimously agreed that expanding Nigeria’s forensic capacity remains one of the country's most strategic reforms in its drive to build a transparent and internationally competitive $1 trillion economy.
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