The Economic and Financial Crimes Commission (EFCC) has expressed concern over the increasing number of petitions received in Lagos regarding investment and forex-related scams. The total amount involved in these scams has reached N317.9 billion, $3.205 million, and N1.686 billion.

During a workshop on Economic and Financial Crimes Reporting for Journalists in Lagos, the Acting Executive Chairman of EFCC, Mr. Abdulkarim Chukkol, highlighted the prevalent financial and economic crimes in the Lagos environment. These include forex scams, business email compromise, investment scams, and land and property fraud.

He said the EFCC Lagos Command alone has received a staggering total of 512 petitions on investment scams and 876 petitions on forex-related scams. The sums involved indicate the magnitude of the challenge faced, with billions of naira and millions of dollars recovered so far.

While the EFCC focuses on investigating and apprehending the perpetrators of these crimes, they express concern about the vulnerability of citizens who easily fall victim to these scams due to their desire for quick wealth.

Efforts are being made to address these issues, and the EFCC continues to emphasize the importance of public awareness and vigilance in protecting individuals from financial and economic fraud.

“In the last couple of months, we have intensified public sensitisation in line with our belief that some of these crimes could be prevented, if people have the right information. This is where your (media) professionalism and collaboration are needed.

“We need the media to help in educating citizens to be circumspect in embracing investment opportunities, especially where the return on investment seems too good to be true.

“It bears reiterating that we owe our nation and the entire world an obligation of exposing every criminal act through our reporting.