FBI-EFCC Operation Leads to Recovery of N486 Million  

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  • FBI-EFCC Operation Leads to Recovery of N486 Million  

Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has announced on Tuesday, that a collaboration with the Federal Bureau of Investigation (FBI) has led to the arrest of 28 suspected Nigerian internet fraudsters and the recovery of a total of N486 million.

Magu, who was represented by the Lagos State Zonal Head of the commission, Mohammed Rabo, revealed in a press meeting that a total of $314,000 and an additional N373 million have been recovered; adding that they were traced to different commercial banks across the country by the Lagos Zonal Office of the Commission.

He said that the joint operation which started in 2018 has yielded positive results as 14 suspects out of the 28 arrested, had been charged and convicted while 80 cases were under investigation.

The EFCC Chairman explained that “Nine of the suspects are currently undergoing trials, while five are still under investigations. Over 80 cases are still under investigations from the EFCC-FBI joint operation.”

Magu further said that aside from the joint operations with the FBI, the EFCC has independently launched operations against internet fraudsters which led to the arrests of 200 suspects and a total of 130 convictions.

“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.”

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

He also called on stakeholders especially the media to make their contributions in the fight against all economic and financial crimes.

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

“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 dreams.

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

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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