FG Loses N64bn To Cybercrimes – AGF


The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, has said Nigeria lost well over N64billion to cyber crimes.

The AGF, who spoke yesterday 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 loose huge amount of money annually to different forms of cyber crimes and cyber criminals.

“The total estimated loss incured by the financial system alone from 2012 to 2014 could be more than N64billion or 321,689milion USD” the AGF hinted.

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 $12.7billion.

“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 complied by the presidency in 2013 identified a total of over $33,144 billion (N20.6trillion) illicit flows during the period 2000-2013, of which over $7,456 were proceeds of corruption and embezzlement in Nigeria, the AGF revealed.

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However, with regards to these crimes, the Justice Minister said 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.

Available records according to the Minister show that “in the past 12 years, since the establishment of EFCC, more than $2trillion USD has been confiscated and recovered” as well as by ICPC, NAPTIP, NDLEA, and DSS.

In addition, 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 th 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.

“Two of these bills, the money laundering and mutual assistance bills

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