Fraud: EFCC, FBI Collaboration Rakes In $314,000, Traced N373m To Nigeria Banks

The Economic and Financial Crimes Commission, EFCC, says the collaboration between it and the Federal Bureau of Investigations, FBI, has led to the recovery of the sums of $314,000 (Three Hundred and Fourteen Thousand US Dollars) and about N373,000,000 (Three Hundred and Seventy-three Million Naira) from perpetrators of computer-related frauds.

According to the Acting Chairman of the commission, Ibrahim Magu while the sum of $314,000 had been recovered, the sum of N373m had been traced to various commercial banks by the Lagos Zonal office of the Commission.

He also disclosed that the recent joint operations coordinated by the Commission had yielded 28 arrests, adding that 14 suspects had been charged and convicted.

The EFCC Chair further stated that “nine of the suspects are currently undergoing trial, while five are still under investigations.

“Over 80 cases are still under investigation from the EFCC-FBI joint operations.”

Speaking during a media briefing in Lagos on Tuesday, August 27, 2019, Magu, who spoke through Mohammed Rabo, Zonal Head, EFCC, Lagos, added that, the Lagos zone of the Commission, prior to the collaborative efforts with the FBI, had independently launched a sustained operation on perpetrators of various computer-related frauds.

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He said: “From 2018 to date, the EFCC had launched a sustained operation on perpetrators of various computer-related frauds, which resulted in over 200 arrests, 130 convictions and recovery of a large number of exotic cars and properties suspected to have been acquired through the proceeds of crime.

“We had independently launched intensive investigative actions against the infamous Yahoo yahoo boys culminating in various strategic raids and onslaught on their hideouts.

“Our efforts in this regard have recorded tremendous successes leading to a number of arrests, prosecutions and convictions.”

Magu also called on the media to continue to lend its voice to the fight against corruption and economic and financial crimes, saying that “no one has the monopoly of knowledge of how the fight should be fought and won.

“All the critical stakeholders, particularly the media, must continue to collaborate and cooperate with us to make the fight a success.

“I urge you to continue to help us sensitize, mobilize and educate all the critical stakeholders to continue to support the fight against economic and financial crimes. We must collectively strive to achieve the Nigeria of our dream.

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“It is very critical for you to understand that you owe the youth that social responsibility of awakening their consciousness to the importance of a noble life devoid of crimes.”

He also reiterated that the Commission would leave no stone unturned towards stamping out corruption and economic and financial crimes from our society.