Newswatch (Lagos)
Alex Mabayoje
8 December 2002
National Committee on Financial Crimes warns on new 419 methods, advises Nigerians to be careful
The National Committee on Financial Crimes, NCFC, has alerted the public on the new wave of financial crimes in Nigeria . Charles Akaya, chairman of the committee said, the crimes were being perpetrated through fake and fictitious solid mineral businesses and illegal operators of cyber cafes.
He advised Nigerians to be cautious in responding to any unsolicited telephone calls from unknown foreigners pretending to be interested in gem stones and other solid minerals and seeking an assistance that promises quick and mouth-watering gains.
Akaya told Newswatch that a number of suspects have been arrested and are currently being prosecuted for the scam. He gave the names of those arrested as Peter Agada, Yusuf Yakubu, Ken Shirwin and Onah Mikel.
Exhibits recovered from the suspects include fake dollar notes, fake samples of precious stones, a box used for printing fake dollar notes and three cars, including a Mercedes Benz, a Toyota Celica and a Toyota Corolla.
Akaya noted that the committee handled 62 financial crime cases, nine out of which have been concluded, while one is still in court. Others are in various stages of investigation. According to him, the cases range from local fraud incidents to transactional scams, including advance-fee fraud and money laundering. "Many of the cases were reported to us for investigation by the victims, while others were referred to us from government agencies and departments as well as members of the general public. A number of the cases were detected by the committee's operatives in their day-to-day surveillance activities," he said.
Akaya warned all illegal operators of cyber cafes and business centres, through which financial crimes are perpetrated to desist from such illicit businesses or risk being closed down. He said law enforcement agencies were determined to continue massive surveillance aimed at ridding the nation of financial scams. Akaya advised the Nigerian business community to be wary of the fraudulent activities of some foreign-based syndicates now targeting Nigerian business organisations, particularly those that remit money abroad for sundry purchases and payments.
"Nigerians should be aware of laid down procedures in dealing with foreigners, especially, their international business partners. Some people have fallen prey to financial scams, because they failed to follow laid down procedures," he said. Akaya now urged Nigerians to join the battle against financial crimes and help restore the good name of our country abroad.
Akaya's committee was inaugurated on December 4, 2001 as one of the anti-corruption units established by Federal Government, to fight financial crimes, both at home and abroad. It is an inter-ministerial committee empowered to fight financial crimes. Its members are drawn from a number of relevant federal ministries, the police, parastatals and agencies and it is charged with the responsibilities of facilitating, co-ordinating and expediting the process of information and intelligence gathering, as well as investigating and prosecuting criminals.
The Federal Government empowered the committee to investigate all advance- fee fraud cases having international linkages, all advance fee fraud cases within the country involving huge amounts of money; all cases of money laundering and all other fraud cases which may be referred to it from the Presidency or the Inspector-General of police.
The NCFC, has enjoyed the cooperation of other countries in the fight against financial crimes. It has signed mutual legal assistance treaties, MLAT, and memorandum of understanding, MOU, to ensure speedy extradition of suspects. Three bills on financial crimes are pending before the National Assembly. When these bills are passed there would be tougher sanctions against these crimes than was hitherto the case. The notorious advance-fee fraud, for example, which used to attract a jail term ranging between two to three years, would now attract a stiffer penalty of between 15 and 25 years imprisonment.
A special court would be established to complement the efforts of existing courts of competent jurisdiction, to adjudicate financial crimes and other related offences in order to achieve speedy trials devoid of legal bottle necks.
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