We’re probing over N317bn investment, forex scams in Lagos –EFCC

The Economic and Financial Crimes Commission (EFCC) has disclosed that it was investigating multiple cases of investment and forex scams to the tune of over N317 billion in Lagos alone.

This was disclosed by the acting executive chairman of EFCC, Abdulkarim Chukkol, during a one-day workshop for media practitioners in Lagos on Thursday, July 13.

According to Chukkol, Lagos, being the commercial hub of Nigeria, is now the centre of all manner of economic and financial crimes across the country.

He revealed that a total of 512, 876 petitions have been received in the state, all pertaining to investment and forex scams.

Chukkol said the scams also involved foreign currency amounting to $3.2 million and others in euros and pounds.

Noting that the Lagos command of the commission has been the most challenging, the EFCC boss, represented by the Lagos Zonal Commander, Michael Wetkas, said:

“As the economic nerve centre of Nigeria, all manner of economic and financial crimes find the Lagos environment the perfect location to incubate and bloom.

“Forex scams, Business Email Compromise, investment scams, and land and property fraud among others, are some of the financial and economic crimes prevalent within the Lagos environment.

“As an indication of the magnitude of the challenge, the Lagos Command had received a total of 512 petitions on investment and Forex-related scams respectively, involving the sums of N317.9 billion and $3.2 million.

“Many of these cases are under investigation while recoveries running into billions of Naira and millions and thousands of other currencies have been made.

“While the Commission’s enforcement activities are directed at the perpetrators of these crimes, we are worried at the ease with which citizens fall prey to the wiles of the scammers.

“Their folly is energized by the desperation to get rich quickly.”