Nigeria’s largest economy, Lagos is under scrutiny after the Economic and Financial Crimes Commission (EFCC) revealed that it is currently investigating numerous cases of investment and forex scams, amounting to over N317 billion in the state.
The commission’s Acting Executive Chairman, Abdulkarim Chukkol, disclosed this information during a one-day workshop for media practitioners held in Lagos on Thursday.
Speaking at the event, Chukkol highlighted Lagos as the commercial nerve center of Nigeria, making it an attractive breeding ground for various economic and financial crimes.
He emphasized that forex scams, business email compromise, investment scams, and land and property fraud were among the prevalent crimes in the region.
The EFCC Chairman’s representative, Michael Wetkas, acknowledged that the Lagos Command of the Commission had encountered significant challenges due to the city’s status as Nigeria’s economic hub.
He noted that the Commission had received a staggering total of 512,876 petitions related to investment and forex scams in Lagos alone. These scams involved a combined sum of N317.9 billion and $3.2 million, along with currencies such as euros and pounds.
While investigations are ongoing, the EFCC has already made substantial recoveries, amounting to billions of Naira and millions of other currencies.
Wetkas expressed concerns about the vulnerability of citizens to these scams, stating, “The Commission’s enforcement activities are directed at the perpetrators of these crimes, but we are worried about the ease with which citizens fall prey to the wiles of the scammers. Their folly is energized by the desperation to get rich quickly.”
In recent months, the EFCC has intensified its public sensitization efforts, aiming to prevent these crimes by providing citizens with the necessary information.
Wetkas emphasized the media’s crucial role in this regard, urging them to help educate the public about being cautious when considering investment opportunities that appear too good to be true.
“We owe our nation and the entire world an obligation of exposing every criminal act through our reporting,” Wetkas stated.
He emphasized that the fight against financial and economic crimes should not rest solely on the shoulders of the EFCC and other anti-corruption agencies.
Recall Abdulkarim Chukkol was appointed as the acting Chairman of the Economic and Financial Crimes Commission (EFCC) following the suspension of Abdulrasheed Bawa by the Federal Government on Tuesday, June 14, 2023. Prior to his new role, Chukkol served as the Director of Operations at the Commission.
Mr. Chukkol is not only a pioneer staff member of the EFCC but also an esteemed member of the EFCC Cadet Course One. He has a wealth of experience and expertise in investigative work, with a specialization in cybercrime and money laundering. His background in these areas makes him well-equipped to lead the EFCC in combating financial crimes and ensuring the integrity of Nigeria’s financial systems.
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