Lagos - Samuel Nzekwe, the former President of the Association of National Accountants of Nigeria (ANAN) on Monday urged the Federal Government to prosecute perpetrators of high profile frauds.
Nzekwe said in Lagos that the magnitude of frauds being perpetrated by some people within the economy had become worrisome.
He advised President Goodluck Jonathan to ensure that those found guilty in this regard were punished accordingly without fear or favour.
According to Nzekwe, the President should not be deterred in fighting corruption.
``Nigerians are anxiously waiting for the outcome of all fraud-related investigations.
``The magnitude of fraud, embezzlement and corruption in the economy is so massive that one will be asking what is wrong.
``The cankerworm called fraud has deprived the economy the necessary funds to kick-start it,” he said.
The former ANAN president said that funds meant for infrastructure development had gone into private pockets.
Nzekwe cited the alleged fraud in the oil sector as an example.
He said that if the stolen money had been applied in the oil and other sectors, the nation would have had functional refineries and allied industries that would massively support the economy.
He stressed that these sectors would have created employment opportunities for many Nigerians.
He also cited the report of frauds in management of workers’ pension funds.
``Imagine depriving the people who had paid their dues and worked relentlessly in the service of their fatherland and could not get their retirement benefits because of the activity of fraudulent staff.
``If the pension was well-managed, the capital market would have been better for it,’’ he said.
Nzekwe said that the stolen money, if invested in the capital market, would have made the market more liquid and vibrant.
He said that Nigeria was blessed with abundant natural resources and its nationals should not go abroad in search of greener pasture if the resources were well-managed.