SEC urges strong forensics to drive Nigeria’s $1trn economy goal

By Luminous Jannamike

ABUJA — The Chairman of the Securities and Exchange Commission (SEC), Mairiga Aliyu Katuka, has emphasized that Nigeria cannot achieve its ambition of becoming a $1 trillion economy without bolstering forensic capacity, restoring investor confidence, and enhancing transparency across the capital market and public institutions.

Katuka made the remarks on Thursday at the 2nd Founders’ Day Celebration of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), held at the ACCI Conference Centre, Abuja. The event drew key political, economic, and regulatory actors who highlighted the critical role of forensic science in strengthening governance and financial systems.

“You know the government is aiming for a $1 trillion economy, and one of the best ways to achieve that is through the capital market. Your role as forensic experts and investigators is central to giving investors confidence. When you work rightly, investors see your integrity and trust the market,” Katuka said.

Also speaking, Rt. Hon. Yusuf Buba Yakubu, former House of Representatives member and sponsor of the CIFCFIN Bill, said the establishment of a national forensic corps marks a historic milestone, saving Nigeria billions previously spent on foreign certifications.

“My greatest joy today is to witness the launch of our first batch of certified forensic practitioners in Nigeria. Before this, we had to go abroad for certification. Today, we have our own institute, certified by law, that trains our practitioners,” he said.

Delivering the keynote address, Dr. Iliyasu Gashinbaki, CIFCFIN Founder and Chairman of the Governing Council, highlighted the institute’s contribution to fighting corruption, financial crimes, and systemic decay. He cited the landmark SERAP v. Federal Government judgment on the NDDC forensic audit as an example of how forensic evidence and investigative journalism can enforce transparency at the highest levels.

“This case illustrates the confluence of forensics and investigative journalism. When civic groups, journalists, and forensic experts collaborate, democracy strengthens, institutions become transparent, and corruption is challenged,” Gashinbaki said.

He also referenced the P&ID scandal and BudgIT’s revelations of N6.93 trillion project insertions in the 2025 budget as evidence of the urgent need for scientific verification, fraud detection, and accountability mechanisms in public finance.

Gashinbaki outlined CIFCFIN’s achievements over the past two years, including MoUs with the Bureau of Public Procurement (BPP), Standards Organisation of Nigeria (SON), ANAN University, engineering bodies, and observer status on key SEC committees and tribunals. The institute has trained over 6,000 forensic and fraud investigation professionals, with membership exceeding 6,200.

He called for a review of the Freedom of Information Act to reflect the realities of digital-age corruption, enabling faster access to public data for forensic investigations.

“Graduating fellows and certified members should see themselves as custodians of national trust. Nigeria’s stability depends on professionals who can trace leakages, detect fraud, and strengthen institutions,” he warned.

Prof. Michael Adebayo Ayeni, Chairman of CIFCFIN’s Professional Training and Standards Committee, described the event as a celebration of visionaries whose foresight birthed an institution central to justice and accountability.

Participants agreed that expanding forensic capacity is among Nigeria’s most strategic reforms in its quest for a transparent, globally competitive $1 trillion economy.

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