In a bold move aimed at enhancing transparency and boosting internally generated revenue (IGR), the Imo State Government has initiated a comprehensive forensic audit of 157 markets across the state. The initiative, announced by the state’s Ministry of Commerce and Industry, seeks to uncover irregularities, strengthen market administration, and restore accountability in market operations.
The Commissioner for Commerce and Industry, Hon. Simeon Iwunze, stated that the audit will assess revenue collection systems, evaluate lease agreements, and investigate potential cases of fraud or mismanagement. According to him, the exercise is part of Governor Hope Uzodimma’s broader reform agenda to sanitize market activities and ensure that public resources are efficiently utilized.
“We are committed to making Imo markets centers of economic excellence. To do that, we must first ensure that all funds collected from traders are properly accounted for and channeled back into improving infrastructure, security, and welfare within these markets,” Iwunze said.
Preliminary investigations revealed that many market leaderships operate without proper documentation or remittance of levies and dues to the state government. The forensic audit will involve collaboration with independent auditors and security agencies to ensure that findings are credible and actionable.
Stakeholders, including market union leaders and trader associations, have expressed mixed reactions to the announcement. While some welcomed the audit as a necessary step towards development and fairness, others voiced concerns about potential witch-hunting or disruption to daily business activities.
However, the government has assured all stakeholders that the audit will be conducted transparently and fairly, with the aim of improving market governance and ensuring that no trader is unfairly targeted.
Economic analysts have praised the move, describing it as timely and strategic. With rising concerns over revenue leakages and poor market management in various Nigerian states, Imo's decision to carry out a forensic audit may set a precedent for other states to follow.
Once completed, the audit is expected to produce a comprehensive report that will guide future policy decisions regarding market administration, revenue sharing, and infrastructure development in the state.
The Imo State Government reaffirmed its commitment to driving reforms that promote transparency, accountability, and inclusive economic growth, positioning markets as key players in the state’s economic transformation agenda.
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