The Liberia Chapter of the Association of Certified Fraud Examiners (ACFE), Chapter #198, has opened a three-day National Anti-Fraud Summit with a strong call for stronger accountability systems across public and private institutions to effectively confront the growing threat of fraud in Liberia.
The summit, held at the Paynesville City Hall from November 27 to December 2, 2025, brings together Certified Fraud Examiners, auditors, bankers, investigators, lawyers, law enforcement professionals, and compliance experts for intensive training on fraud prevention and detection. Key topics include Integrating Fraud Risks Into Enterprise Risk Management and Red Flags and Fraud Schemes in Procurement and Asset Management.
Delivering the keynote opening statement, ACFE Liberia Chapter President, Atty. Augustine G. Chenoway, stressed that building robust accountability systems is central to combating fraud. He described participants as "vital links in the chain of accountability," noting that their combined expertise forms a strong defense against corruption and unethical practices.
Chenoway referenced the 2024 Global Fraud Survey (Report to the Nations), which documented 1,921 fraud cases from 138 countries and estimated that organizations worldwide lose an average of 5% of annual revenue approximately US$3.1 billion to fraud.
Keep up with the latest headlines on WhatsApp | LinkedIn
He warned that fraud is more than just a financial loss.
"It is a breach of confidence that undermines governance, erodes public trust, and weakens the very foundations of our institutions," he said. He added that rapid technological changes and increasingly complex financial systems require heightened vigilance and stronger internal controls.
The ACFE President emphasized that the summit would equip participants with modern investigative tools, proven detection techniques, and real-world case analyses covering procurement risks, asset management, governance, ethical leadership, and anomaly detection. The training, he noted, also serves as a platform for strengthening collaboration among institutions in the fight against fraud.
Speaking on behalf of Chenoway, Jarwo Nutah Cooper, CFE, CIA, Training Director of ACFE Liberia, called on attendees to actively engage in the sessions.
"Let us leave here not only with enhanced knowledge," he urged, "but with renewed determination to lead with integrity and build systems capable of resisting fraud and corruption."
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Also speaking was David A. Kemah, Director General of the Internal Audit Agency (IAA), who underscored that continuous capacity building, is essential to keep up with evolving fraud schemes. "The sophistication of criminals demands that we stay ahead through knowledge, strategy, and confidence," he said.
Representing the Liberia Electricity Corporation (LEC), Senior Auditor D. Clifford M. Russell commended ACFE Liberia for the initiative and reaffirmed LEC's commitment to accountability and transparency. He noted that LEC is currently undergoing major operational reforms aligned with five strategic pillars: financial sustainability, operational excellence, customer focus, governance and institutional effectiveness, and digital transformation.
"These foundations do not only propel our institution forward," Russell stated, "they also strengthen our commitment to compliance, transparency, and good governance."
The summit continues with expert-led sessions, interactive discussions, and practical demonstrations designed to enhance Liberia's national resilience against fraud.
