Nigeria Lost N64bn to Cybercrimes in 3 Years

Abubakar Malami


By Kunle Olasanmi  |

ABUBAKAR Malami, SAN, attorney general of the federation and minister of justice, has said Nigeria lost a total of N64billion to cybercrimes between 2012 and 2014. Malami on Tuesday, February 2 at the first annual conference on Financial Fraud, Cyber Crime and Other Cross Border Crimes lamented that trends and statistics as reported by the Central Bank of Nigeria indicated that on the average, Nigerian banks lose huge amount of money annually to different forms of cybercrimes and cyber criminals.

Malami also cited a report by Ultrascan, an online media platform, which reported that Nigeria’s Internet scammers defrauded victims in various countries of approximately $12.7 billion. Another area of organised crime in Nigeria is ‘illicit funds flow’. Illicit fund flows is the transfer of illicit funds through illegitimate source. A report compiled by the presidency in 2013 identified a total of $33,144 billion (N20.6trillion) illicit flows during the period 2000-2013, of which more than $7,456 were proceeds of corruption and embezzlement in Nigeria.

Notwithstanding these loses, Nigeria has developed laws, policies and regulations in response to some of the challenging criminal activities that are currently threatening the safety, security and stability of the country.

These have helped security agencies such as the Economic and Financial Crimes Commission, EFCC, ICPC, NAPTIP, NDLEA and Department of State Security, DSS, in the past 12 years since the establishment of EFCC, to confiscate more than $2trillion.

Malami said his office has transmitted four critical anti-corruption related bills, namely, the Nigerian Financial Intelligence Centre Bill that will domesticate the full remit of the FATF recommendation 29; the proceeds of crime bill; the money laundering (Prohibition and prevention) bill and the mutual legal assistance in criminal matters bill to President Muhammadu Buhari for transmission to the National Assembly.

Sourced from Leadership

— Feb 3, 2016 @ 16:30 GMT


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