The event which took place at the International Conference Centre, Abuja featured a dinner and the unveiling of the Nigerian College of Accountancy prototype sports centre.

The EFCC boss earned the award “for demonstrating professional ethics and integrity in the anti-corruption crusade.”

Magu, who was represented at the event by director, Organisational Support, EFCC, Dr. Amin Gusau reminded accountants in the country of their crucial role in the government’s war against corruption and the need for them to stand up and be counted. “It is time to wake up and come together in this fight. We are doing it for the unborn and future generations. So we must all come together collectively to fight the scourge, because we will be judged,” Magu stated.

While expressing his joy for the award, he urged accountants to uphold ethics and integrity in what they do, especially given the crucial role they play in the country’s economy. He noted that there will be serious problems in the public and private sectors if accountants are not guided by ethics.

Magu who is a fellow of the Association of National Accountants of Nigeria, ANAN, observed that there was hardly anyway, anybody can steal money in either the private or public sector, without a level of connivance from an accountant.

While disclosing the readiness of the EFCC to collaborate with NCAAA and any other willing body in the fight against corruption, he urged accountants to always do what is right, noting that corruption was responsible for the country’s ill-equipped schools, hospitals, infrastructure deficiency and high poverty level.

Other award recipients were: Senator Ibrahim Gaidam, Zainab Ahmed, Minister of Finance and National Budget Planning, Adekunle Olusegun and permanent secretary, Office of the Secretary to the Federation.

Chairman, NCAAA stated that the award recipients have manifestly demonstrated distinction going by public opinion, adding that the awards were the association’s affirmation “and more specific in the context of a professional association.”

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NAN reports that the International Monetary Fund had on Wednesday said that Nigeria‘s debt to GDP ratio was risky.

Nzekwe said that the advice became necessary because it would be difficult to finance capital and recurrent expenditures when using more than a quarter of revenue generated to service debt.

He urged the government to be cautious in accumulating more debts, saying investors’ confidence may be eroded.

He said that “We need investors to invest in Nigeria so that they can create employment and galvanise productivity as well as more receipts from foreign exchange.

“A huge debt profile would also affect exchange rate between Nigeria and others countries as our currency would start depreciating.”

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Speaking at the 2017 Association of National Accountants of Nigeria, ANAN Week/Award Day, which held at the FCT Archive Building, Abuja, Magu, himself a trained accountant, urged his fellow colleagues, not to allow themselves to be tools in the hands of looters and money launderers.

In a paper, titled, “What Would It Take To Be a Corruption Free Nigeria”, which was presented on his behalf by Dr. A. Bello, he noted that it was unfortunate that the society has chosen to esteem “thieves and looters” of the commonwealth.

“The moral values of honesty, integrity and hard work, has been overtaken by greed and crass materialism,” Magu said, noting that this was evident in the fact that the society “now recognizes thieves and looters of the common treasury, by rewarding them with chieftaincy titles and other high positions of authority”.

In order to free the country from the shackles of corruption, Magu stressed the importance of the urgent need “to go through the process of reorientation and regeneration”, adding that “the process must start from our homes”.

He used the medium to remind the accountants of the obligation imposed on audit firms, tax consultants, accounting firms, among other designated non-financial institutions, DNFIs, to always report suspicious transactions to the EFCC.

“Without you fulfilling this obligation, DNFIs commit a crime, and this is necessary to enable us monitor and investigate such transactions, to uncover cases of corruption,” he said.

Magu, who lauded the import of the federal government’s whistle blowing policy, revealed that the EFCC recorded 62 convictions in the first quarter of the year.

“Apart from several other recoveries running into several billions of naira, the recent whistle blower policy, has led to the recovery by EFCC of N521,815,000.00, $53,272 747.00, £122,890.00, and €547,730.00,” he said.

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Nzekwe, former President, Association of National Accountants of Nigeria (ANAN), gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun, said that such step would improve transactions through the TSA.

The expert said that there were lots of bureaucracies affecting the smooth running of TSA and this might affect success of the policy.

“The bureaucracy on TSA should be reduced by the Federal Government so that transactions carried out through the account would be easy.

“They should also look into areas the people are complaining of the TSA and effect the necessary changes,’’ he said.

According to him, the introduction of TSA by Federal Government had left the financial sector with insufficient funds to give to investors since they dependeded heavily on public funds to do business.

He, however, urged banks to change from their armchair banking and regulations, but to double their efforts in attracting more customers into the system to enable them to have adequate funds to operate.

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