Analysts caution Oluwatoyin Madein against succumbing to fraud

Article summary

• President Buhari appoints Dr. Oluwatoyin Sakirat Madein as Nigeria’s first female Accountant-General, breaking gender barriers in the role.
• Dr. Madein’s appointment follows a rigorous selection process and aims to address challenges in fiscal transparency and accountability in Nigeria’s public sector.
• Former Accountant-General’s arrest for alleged embezzlement highlights the need for improved financial governance, as Dr. Madein takes on the responsibility of preparing government accounts.

President Muhammadu Buhari appointed Dr. (Mrs.) Oluwatoyin Sakirat Madein as the substantive Accountant-General of the Federation following the successful conduct of a selection process.

The appointment made her the first female to occupy that position after she was shortlisted alongside 19 other candidates for the position in January 2023.

In the Nairametrics clubhouse webinar on Saturday, 20th, 2023, Uade Ahimie, a financial analyst, said her role involves making sure Nigeria’s government agencies are fiscally sound, citing challenges in Nigeria’s public sector for fiscal transparency after the last accountant general was accused of embezzling billions.

Prepare FG’s accounts

Ahimie stated that the role of the Accountant General is to make sure all MDAs are fiscally sound, stating:

• “They are the ones ensuring all agencies of government prepare their accounts and budgets, monitor spending in terms of how much revenue and expenditure is incurred, and provide a summary for the executive council to know what comes in and what goes out.
• “We have had a huge challenge in the public sector, especially moving the fiscal year from April to March. We have not been able to get a financial statement of FG at the end of the year; all we tend to see are older reports, reviewed in later years.”

He congratulated the new accountant general, adding that he hopes that she brings about some changes in the office and that we are able to get the country’s financial affairs on track so that we can hold public officials accountable.

What you should know

Nairametrics reported last year when the Economic and Financial Crimes Commission arrested the former Accountant General of the Federation, Mr. Ahmed Idris, over the alleged N80 billion fraud, they said:

• “Operatives of the EFCC on Monday, May 16, 2022, arrested the serving Accountant General of the Federation, Mr. Ahmed Idris, in connection with diversion of funds and money laundering activities to the tune of N80 billion (eighty billion naira) only.
• “The Commission’s verified intelligence showed that the AGF raked off the funds through bogus consultancies and other illegal activities using proxies, family members, and close associates.
• “The funds were laundered through real estate investments in Kano and Abuja.”

This week, President Muhammadu Buhari approved the appointment of Dr. (Mrs.) Oluwatoyin Sakirat Madein, as the new substantive accountant-general of the Federation (AGF).

Her appointment followed the successful conduct of a selection process to fill the existing vacancy following the suspension of Idris Ahmed, former Accountant General of the Federation, in May 2022, over allegations of corruption and embezzlement.

Dr. Madein is stepping in to take over from Mr. Sylva Okolieboh, who had been acting in his capacity as the AGF, after Idris Ahmed, who is currently undergoing trial in court, was asked to step aside.

Madein will be the first female to occupy that position, as she was shortlisted alongside 19 other candidates for the position in January 2023.