News
Forensic Auditors Raise Alarm over Looting in Public Sector

Association of Forensic and Investigative Auditors (AFIA) has raised alarm over increasing rate of fraud and corruption in Nigeria and the Africa’s public sector.
AFIA noted that with fraud costing entities an estimated 60 percent of their annual revenues, organizations lacking proactive fraud preventive measures were the most vulnerable.
Mrs Victoria Ayishetu Enape, president of the association, made the disclosure during a training and induction of new members with the theme “Transition to Forensic and Investigative Audit”
Enape said while the regulatory measures and internal controls in reporting requirements help to lessen the possibilities for falsified activities to take place, history has shown that indigenous employees could manipulated even the best control systems for personal gain.
She explained that forensic and investigative auditors were trained with advanced auditing knowledge which enables them to see and detect what Statutory Auditors cannot see.
The president called on Nigerian government to patronise Nigerian forensic auditors to grow Nigeria by ensuring the speedy passage of the Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill, which is currently at the Senate.
“Our work is to prevent, detect and put in place some measures to stop the wrong from taking place in future, through the use of science and technology.
“This implies that after training of members they will be equipped with advanced audit skills that enables them find out who, what, where, why, when and how the wrong took place.
“More importantly they will put together and implement the right systems and meaningful controls to prevent internal and external fraud from happening again,” she said.
The AFIA boss said that forensic Auditors looked beyond figures in financial statement as they focus on investigating the inadequacies and shortcomings in the existing financial system and tackling them.
“In the past 10 years, the number of reported cases of fraud and corruption has continued to grow radically across regions.
“Compounding these are the challenges faced by the audit team and a general lack of the necessary skills set to collect right audit evidence so critical to criminal investigations.
“Recent happening in most parts of the world show growing greed of human being and art of camouflaging of accounting facts and figures through deception by indulging in fraud and manipulation, depending upon the position that one holds.”
She said that the money that would be saved by blocking corruption leakages would be enough to take the country out of under-development, employ youths, build hospitals and roads for the people.
She said that to crown it all, it would also save Nigerian government the cost of inviting foreign Forensic Auditors to undergo forensic audit anytime they cannot account for huge sums of money.
“It is worth of note that AFIA is the last hope for our country Nigeria, because traditional audit has failed us and already expired long ago.
“This is the reason why in 2014, 20 billion dollars could miss in NNPC without any detection without any prescience of internal and External Auditors.
“AFIA is capable of transforming traditional or statutory Auditors through training and certification to enable them get the necessary skills that can help them to detect and prevent fraud.
“This will in turn assist in restoring sanity in Nigeria Financial Management system and bring back our economy to its original condition,” she said.
AFIA is the World’s leading anti-fraud organisation and the premier provider of forensic and investigative training audit training in Nigeria.
The proposed Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill has scaled through first reading at the Senate. The bill aims to facilitate the transition from the traditional audit to forensic and Investigative audit.
News
Cybervergent Expands to Three New Markets

Cybervergent has launched version 3.0 of its artificial intelligence (AI)-native posture management platform and expanded operations into Kenya, Ghana, and SA.

The move, according to the company, introduces automated risk verification for enterprises and aims to position Africa as a force in digital governance technology.
It goes on to say the latest platform upgrade introduces continuous posture management, replacing traditional point-in-time governance, risk, and compliance reporting with real-time verification systems.
An AI engine independently verifies 99.9% of audit and monitoring findings before they appear on enterprise dashboards, according to Cybervergent.
It says risk management, compliance, audit, and data security operations are integrated into a unified system built for cloud and on-premise environments.
According to Cybervergent, the platform maps more than 4 500 controls across frameworks, including the Nigeria Data Protection Act (NDPA), International Organisation for Standardisation (ISO) 27001, and System and Organisation Controls (SOC) 2.
Cybervergent says the rollout of its first South African customer validates the platform’s readiness for highly regulated enterprise markets and strengthens its expansion strategy across Africa’s leading technology and financial hubs.
The company is also adopting a channel-first deployment model, working with local partners and system integrators in Lagos, Accra and Johannesburg to scale verified security infrastructure for enterprises navigating increasingly complex regulatory demands.
“We built verification into the architecture,” said Ayomide Daniels, co-founder and chief scientist at Cybervergent. “If a finding is not traceable back to source documentation, it does not reach the dashboard.”
Cybervergent rebranded from Infoprivacy in late 2023 to reflect its shift towards AI-automated cybersecurity.
The start-up previously focused on data privacy compliance in the West African market before pivoting to its current integrated posture management model.
News
FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

Federal Government has directed recipients of honorary doctorate degrees to stop using the title “Dr.” before their names, as part of efforts to protect the integrity of academic qualifications and curb the misuse of honorary awards.

Minister of Education, Tunji Alausa
Minister of Education, Tunji Alausa, announced the directive after the approval of the new policy by the Federal Executive Council (FEC).
Alausa said the measure was necessary to address the growing abuse, commercialisation and politicisation of honorary degrees in some tertiary institutions across the country.
He explained that honorary doctorates are symbolic recognitions of outstanding contributions to society and do not equate to earned academic qualifications obtained through rigorous study, research and examination.
“Recipients of honorary doctorate degrees are not entitled to use the title ‘Dr.’ as a prefix to their names in official, professional or academic engagements,” he said.
According to the minister, awardees may instead indicate the honorary distinction after their names using formats such as D.Litt (Honoris Causa), LL.D (Honoris Causa) or other approved honorary designations.
Under the revised policy, only universities with active doctoral programmes will be permitted to confer honorary doctorate awards.
The government also restricted recognised honorary awards to four categories: Doctor of Laws (LL.D), Doctor of Letters (D.Litt), Doctor of Science (D.Sc), and Doctor of Humanities (D.Arts).
In addition, all honorary degree certificates must clearly carry inscriptions such as “Honorary” or “Honoris Causa” to distinguish them from earned academic degrees.
The minister warned universities against indiscriminate conferment of honorary degrees, noting that institutions found violating the directive would face sanctions from the National Universities Commission and the Federal Ministry of Education.
He said the policy was part of broader reforms aimed at restoring credibility to Nigeria’s higher education system and ensuring academic titles are not misrepresented for personal, political or financial gains.
Observers say the development could reshape the long-standing culture where public office holders, business executives and celebrities often adopt the “Dr.” title after receiving honorary awards.
News
Africa Fintech Revenues to Hit $65 billion by 2030 – Report

African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.

The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.
While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.
The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.
Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.
Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.
Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.
By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.
Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.
The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.
Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.
Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.
Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.
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