The Economic and Financial Crimes Commission (EFCC) has said it is currently investigating multiple cases of investment and forex scams involving over N317 billion in Lagos alone.
This is even as it declared that Lagos as the commercial nerve centre of Nigeria has become the hub of all manner of economic and financial crimes in Nigeria.
The Acting Executive Chairman of the Commission, Abdulkarim Chukkol, disclosed this in Lagos on Thursday at a one-day workshop for media practitioners.
According to him, a total of 512, 876 petitions have been received in the state, all pertaining to investment and forex scams.
He said the scams also involved foreign currency totalling $3.2 million and others in euros and pounds.
Financial crimes boom in Lagos
While noting that the Lagos Command of the Commission has been the most challenging, the EFCC Chairman who was represented by the Lagos Zonal Commander, Michael Wetkas, said:
“As the economic nerve centre of Nigeria, all manner of economic and financial crimes find the Lagos environment the perfect location to incubate and bloom.
Forex scams, Business Email Compromise, investment scams, and land and property fraud among others, are some of the financial and economic crimes prevalent within the Lagos environment.
“As an indication of the magnitude of the challenge, the Lagos Command had received a total of 512 petitions on investment and Forex-related scams respectively, involving the sums of N317.9 billion and $3.2 million.
“Many of these cases are under investigation while recoveries running into billions of Naira and millions and thousands of other currencies have been made.
“While the Commission’s enforcement activities are directed at the perpetrators of these crimes, we are worried at the ease with which citizens fall prey to the wiles of the scammers.
“Their folly is energized by the desperation to get rich quickly.”
The need for sensitization
He added that in the last couple of months, the Commission had intensified public sensitization in line with its belief that some of these crimes could be prevented if people have the right information.
He said the media is also needed in this regard to also help in educating citizens to be circumspect embracing investment opportunities, especially where the return on investment seems too good to be true.
“It bears reiterating that we owe our nation and the entire world an obligation of exposing every criminal act through our reporting. The fight against financial and economic crimes should not be left to the EFCC and other anti-corruption agencies.
“The media should do more to support the Commission and mobilize the people to take full ownership of the fight against corruption in our country,” he added.
The EFCC Chairman noted that all over the world, the watchdog role of the media promotes transparent and accountable leadership.
He added that in the case of the EFCC, the media has proven to be a critical stakeholder and ally in the difficult task of sanitizing our environment, but the synergy could be stronger.