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Lack Of Accountants And Accountability In Nigeria Financial District[s]: Is Sheer Irresponsibility By Carlisle U.O. Umunnah
A couple of months ago, some Nigerians in the homeland and in Diaspora applauded and celebrated the debt relief package from the Paris Club at the watchful eyes and guidance of Madam Finance Minister. A whopping 12 billion was criminally transferred to the – European financial entity called—Paris Club. This repayment arrangement according to reports was to be carried out on phase-by-phase benchmark. It is hoped that the balance of this figure—35 billion dollars allegedly borrowed by Nigeria will be remitted to the former as the latter meets other stringent conditionalities including buying out bonds owed by the same entity as collateral.
In the meantime, in a country called Nigeria, at no time did her trained accountants question the credibility of Parish Club, question its financial balance-sheets when its financial records are comparatively placed side-by-side with those of Nigerian financial balance sheet[s]. Conversely, some financial think-tanks and critics against this arrangement believe that Nigeria has long paid off its debt believed owed Paris Club and as such a remittance of additional nickel to this entity is deemed as account irresponsibility by default. By default because we refused to ask hard questions—default because Nigerians do not care about Nigeria anymore. Nigerians care more about foreigners. Oh! Recent report shows that Theophilus Danjuma just sold his looted oil bloc to a Chinese firm at a staggering amount of 2.5 billion dollars. The idea/philosophy is loot; place it on sale before it is late. Time is running out—and, because the crack is everywhere. Collapsed! Who is doing the accounting for the failed state? Guess who: Foreigners. Who is to blame? Easy question, blame my grandma in the village—east of the Niger.
This writer supports the foregoing dispositions. However, I have problems with Nigerian trained accountants and its economists alike in this matter. I pose my question to the Nigerian accountants: from Governor—Central Bank of Nigeria, to Feds Auditors, Auditor Generals, fed Account Director Generals, Nigerian private financial think tanks actors for keeping moot and ineffective while our funds disappears. What accounting method did the Accountants employ in finding out if Nigeria really owed this debt? Did they deploy all their financial capacities using all computing proficiencies to review the alleged debt or did the-so called accountants just go along by what the Paris Club said we owe?
It is annoying. Did experts in Nigerian financial sector use its skills to its fullness in other to seriously criss-cross Nigerian financial-balance sheets with those of the Paris Club balance sheets? If yes what were your findings? Tell us. And if no, of what relevance are you to the nation—called Nigeria? If checks and balances exist and were deployed in the said negotiations that led to this illegal transfer of 12 billion dollars to the Paris Club, this writer demands that it is the duty and responsibility of the negotiators to publish and or post these information notice sites and other sites including Ministry of Finance and other relevant sites for Nigerians to review and study. Nigerians deserve the right to seek-out, and ask that such financial documentations be de-classified for public accessibility.
The truth of the matter is that Nigeria does not owe Parish Club a nickel. But unfortunately, due to inefficiency on the side of Nigerian Accountants predicated on a single fact: self-aggrandizement. The key here is that of disservice and misrepresentations of our accounting by purported representatives, whose intents and purposes are bested in bettering the interest of the western collaborators rather than better the interest of republic. They have either by omission or commission, ineptitudes or the lack there of have demonstrated that they are partners in crime against the suffering Nigerian masses, masses who live under less than a dollar a day. It is important to remind you that you swore under oath to represent the interest of the public, never to collaborate with enemy and aliens to defraud its citizenry.
To back up that disposition, just recently, Chinua Achebe Foundation had an interview with General Mohammed Buhari. In that interview, Mr. Buhari stated that Nigeria had already paid 27 billon dollars of the debt irrespective of the fact that the initial principal of the said debt was 9 billion dollars. My question to you Nigerian Accountants is how come the accruing interests of the 9 billion dollars have grown fatter and larger than the principal itself?
For Nigerian Accountants out there, it is time for fiscal responsibility, transparency and accountability. If you are an accountant at the fed, Governor Central of Bank of Nigeria, feds Auditor Generals, feds Accountant Generals’ et al, what role did you play as a son or a daughter of Nigeria to make sure that Nigeria was not paying capital or fund that it did not owe the Paris Club? Did you protest this refund and if so by what means? We want to know. Please post for all to see such, protest letter that indicated account responsibility. You may want to post it the various sites, including gamji.com, kwenu.com, NVS.com, Nigeriaworld.com and other sites as you deem fit.
It is disheartening to know that Obasanjo administration moved irresponsibly without regard to the law, without due process, without allowing needed deliberations on this matter let alone approval by the National Assembly before it handed-over 12 billion dollars to Paris Club. This is the grossest irresponsibility to say the least.
It is unthinkable to imagine that there are accountants and accountability in Nigeria financial district or its institutions today—a country that has unfortunately become home to mediocrity and bump leadership. I stand to be contradicted in my analysis in this matter. I am not an accountant. But I do know that all mathematical indices do not necessary compute for the same outcome especially if there are no verifications to collaborate any findings. Additionally, such outcome also depends on who is doing the computation for what purpose, who is presiding over the analytical factors or hypothesis, which makes the final decisions and uses. Fellow countrymen, one plus one [1 + 1] does not equal two always. One plus one [1 +1] at today’s financial marketplace with its manipulative sophistications and tendencies could hypothetically be projected to eleven [11] if alertness and account shrewdness are void.
According to insiders’ reports, our repayment indicators show that Nigerian has already paid 27 billion dollars. So what in the world is it the enterprise under this administration uncharacteristically made out yet another staggering 12 billion dollars to Paris Club at the detriment of poverty ridden citizenry?
This writer challenge you Nigerian Accountants, Governor Central Bank of Nigeria, Auditor Generals and Directors of fed financial handlers to tell Nigerians the world how you came up with that number and how come everybody was put to sleep while Europeans duped Nigeria for yet another time through this irresponsible accounting?
We thought you were trained financial experts. We thought you were trained to protect Nigerian interests and not those of foreign interests. How come you let the Paris Club stole from Nigeria funds. Funds that could have been invested in distressed sectors like: education, industries, science, employment, refurbishment of infrastructures and others? Tell us, one is curious as to what role our homeland financial practitioners played in this disaster debt relief joke. What role did you play as a western gatekeepers and collaborators of Paris Club in this fraudulent deal? We are waiting for your strong but yet a convincing detailed response.
In an interview organized by Chinua Achebe Foundation: the Buhari/Idiagbon administration reported that Nigeria had already paid 27 billion of its external debt; do you have explanations for Nigerians why Nigeria paid another 12 billion without the approval of the legislature – the National Assembly?
Here in the United States, irresponsible accounting frauds are monitored by both public and private auditing financial institutions like Anderson Inc. Even, on event of questionable characters engage in financial auditing practices, other financial watch dogs will hesitate to dig in and monitors auditors from Anderson Inc., and if the former and its auditors engage in account frauds she is penalized. It is called checks and balances by all.
WorldCom, Enron and others defrauded American public but they were held accountable. Whopping billions of dollars belonging to American public, some of which are funds meant for retirement of seniors and all popularly known as 401k were shredded into debris—some how some of these funds find its way into personal accounts and building of private mansions; just as some of Nigerian funds went into foreign accounts, Minna Mansion and Otta Farm.
Anyways, back to US, some of these actors subsequently declared their financial institutions in the Wall Streets financial district and elsewhere bankruptcy. On the other hand, panels of investigations by fed and private actors were set up to find out and report to American people. Through its outcome, some of the players in this account irresponsible were arrested and prosecuted. Meanwhile, its Presidents and Chief Executives are currently serving jail terms while others are still facing investigations. Nigeria auditors can learn from it.
Nigeria auditors in private and public can do the same by establishing monitoring body for the same purpose especially in regard to the 12 billion Paris Club debt relief project.
It is this writer’s view that Nigeria corporate Accountants and Auditors should by now organize themselves today to establish independent financial investigating panels to find out what happened to funds meant for to Nigerian public that illegally find its way to the Paris Club. This illegality is indeed very disturbing and shocking, especially when records show that Nigeria repaid this loan long ago. There is definitely something wrong that Nigerian population does not know about with respect to the deal.
Finally, it is important that Nigerian accountants, Governor—Central Bank of Nigeria [CBN], Nigerian private and public auditors, Nigerian expertise in financial balancing sheets [FBS] and other financial related matters develop with immediacy new and sustainable capacities that would create a climate to monitor and record account data/statistics, account irresponsibility or misappropriations in its financial balance sheets and report back to the Nigerians for assessment. The time is come to tell Nigerians what happen to their funds. Again, Nigerians should remain vigilant, alert, as we await the outcome[s] of this investigation. It is the duty of Nigerians/Nigeria to find out what happened to its 12 billion dollars. It is called public duty and public responsibility. The time is come to show Nigerians that there are still crisp accountants with vision, purpose, transparency and accountability in its financial district.
Carlisle U.O. Umunnah Is Freelance writer; he lives in New York Contact: cuu1_liberties@yahoo.com
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