26 November 2002
Lagos — Professor Pat Utomi of the Lagos Business School (LBS) has suggested major sting operation by the Federal Government to arrest perpetrators of the Advance Fee Fraud (419) to redeem the image of the country dented by the scams.
Utomi, who was speaking with newsmen in his office at the weekend, said that urgent action was needed to put an end to the advance fee fraud, noting that there were not more than 5,000 Nigerians involved in advance fee fraud.
He said that a sting operation will lead to the arrest of the culprits who should be brought before a high court judge.
"A small fraction of people are engaged in this business in a country of about 100 million and it is possible to get at them," Utomi said.
"A well planned sting operation will lead to their arrest. Set up a court to try them and impose jail term," he said.
The LBS director said it was not enough for the Central Bank of Nigeria (CBN) and other federal agencies to run adverts in international media on the phenomenon and called for a more severe action.
He said advance fee fraud and other financial crimes had enormous adverse effect on the country's economy, scaring away investors and denting the image of Nigeria businessmen.
A federal agency set up to curb financial crimes, said at the weekend that it had received 62 reports of advance fee fraud and related crimes since its inauguration last year.
The National Committee on Financial Crimes Chairman, Charles Akaya, told newsmen at the weekend that it had concluded action on nine cases and taken one other to court. Akaya, a commissioner of police, advised local and foreign businessmen to be wary of responding to business proposals from unknown persons and to cross-check the promoters of the deals with national business bureau and agencies, including chambers of commerce.
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