12 December 2018

Nigeria: EFCC Seeks Inter-Agencies Collaboration On $148bn Financial Fraud

THE Economic and Financial Crime Commission, EFCC, has called for collaborative efforts by relevant agencies in the war against economic and financial fraud in the country.

Speaking at a three-day Nigerian Anti-Fraud Conference, organised by the Association of Certified Fraud Examiners, ACFE, Lagos Chapter, EFCC Chairman, Mr. Ibrahim Magu, said that synergy and working relationship among multiple security agencies, professional bodies and social service providers would curb fraud situation in a cost effective manner.

Magu, who was represented by the Head, Digital Forensic and Cyber Crime Section, EFCC, Mr. Nuru Dalhatu, however, explained that the idea of inter-agencies joint effort does not come without its own challenges.

He said: "Inter-agencies joint effort can be trusted to yield better result with the presence of right skills that would facilitate knowledge sharing among the different agencies. Report states that on annual basis, Africa and Nigeria loses $148 billion and $2.5 billion to financial and electronic fraud respectively. This has cost the country its image, security and social wellness of citizens including investment loss."

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Earlier, Conference Chairman/Executive Director, Guinea Insurance, Dr Pius Edobor, said that present day realities surrounding financial fraud prompted the conference theme for this year which touched on areas as artificial intelligence and robotics which is changing business conduct globally.

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