Global Recession: Forensic Accounting Expert, Bashorun Askia Provides Recipes For Exiting

Seeks Accountants’ Forum Cooperation With Gov. Okowa On “Stronger Delta”

Blank NEWS Online (NIGERIA) –By Albert OGRAKA:

As Nigeria is gradually becoming entangled in the web of ensuing global recession occasioned by the Covid-19 pandemic lockdown, Forensic Accounting expert, Bashorun Askia Ogieh, FCNA, CrFA, has elucidated on the quick path to global economic recovery.

Bashorun Askia, Managing Director/Chief Executive Officer of Delta State Oil Producing Areas Development Commission (DESOPADEC), made the disclosure during the Dinner/Awards held by the Forum of Accountants of Delta State Civil Service on Sunday, December 20, 2020 at the Grand Hotel Asaba.

Speaking as Guest of Honour, the ace accountant and forensic expert who was represented by Dr. Godwin Adolor, warned that if the World Bank’s projections about “severe economic recession” in Nigeria is anything to go by, the nation should ensure that urgent steps are taken to revamp the ailing economy.

“About a week ago, Nigeria officially entered another recession, the second in six years. Earlier in June, in the midst of the Coronavirus-induced lockdown, the World Bank had warned that a combination of the pandemic and the collapse of oil prices will plunge Nigeria into what it called a “severe economic recession.”

“The recession is here with us now. And if the projection is right, it may be worse than the one of 2016 which lasted for nearly a year, particularly when Nigeria’s oil production quota has been reviewed downward by the Organisation of Petroleum Exporting Countries, OPEC.”

While agreeing that the path to exiting the recession is strewn with hard decisions, Bashorun Askia listed some of the recipes to include, “safeguarding and mobilising revenues as well as reprioritising public spending to protect critical development expenditures and stimulate economic activity.’

According to him, “The soothing news is that we will overcome. But the path to exiting the recession is strewn with hard decisions. Among the recipes for recovery are safeguarding and mobilising revenues as well as reprioritising public spending to protect critical development expenditures and stimulate economic activity.”

He called on accountants, as managers of resources, to collaborate with government and urgently set the road map to exit the recession, through creative measures to opening new frontiers for income mobilisation.

“My dear professional colleagues, this is where accountants as managers of resources come in. The nation is looking up to accountants of all hue to set the road map to exit this recession as quickly as possible.

“The Government is looking forward to you as professionals for inputs on creative measures to be taken to not just improve the management of existing resources, but opening new frontiers for income mobilisation.”

He enjoined the Delta State government to be more creative in expanding the tax net to boost internally generated revenue, just as he urged the Forum of Accountants of Delta State Civil Service to cooperate with the administration of Governor Ifeanyi Okowa by providing inputs to ensure mobilization of resources for projects execution to sustain the state’s viability for investors, while the recession lasts.

“For Delta State, we have to be more creative in expanding the tax net to boost internally generated revenue. And this falls squarely on the shoulders of the distinguished professionals gathered here.

“At the Delta State Oil Producing Areas Development Commission (DESOPADEC) where I have the privilege of being the Managing Director, we have had to deal with increasing demands from our mandate communities in the midst of declining revenue from oil. However, we have evolved measures to infuse greater efficiency in the costing of projects. We will continue to engage the communities in prioritising of projects.

“I am glad that today, we all sit together as professionals. What should inspire us is the need to sustain and improve standards in the management of public resources.

“I urge you all to uphold this spirit at all times and cooperate with the administration of His Excellency, Senator Dr. Ifeanyi Okowa, Governor of Delta State, in ensuring that even while the recession lasts, we are able to mobilise resources for projects execution. We also have to improve our policies to make our state the first choice of investors.

“I am happy that the Head of Service is here with us, because I will like to recommend that every accountant in the state civil service undergo a short or remedial course in Forensic Accounting. It will help us generally in plugging certain unseen loopholes in our every day official duties. The nuances of what I am saying here cannot be lost on so many of you, I am sure. Training for us Accountants should be purpose specific.”




News Reporter
Blank NEWS Online founding Editor-in-Chief and Publisher, Albert Eruorhe Ograka, is a Graduate of Mass Communication. He also holds a Post Graduate Diploma (PGD) in Journalism from the International Institute of Journalism (IIJ).

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