As part of activities marking the 2024 African Union Anti-Corruption Day, the Economic and Financial Crimes Commission (EFCC) on Wednesday, July 10, held a public lecture themed “Understanding Virtual Assets and Investment Fraud”.
The event commemorated ahead of the official July 11 date, brought together key stakeholders in Nigeria’s anti-corruption landscape, including the National Council for Women Societies (NCWS) Nigeria, ably represented by its National President, Princess Edna D.D. Azura, who led the NCWS delegation to the event.
In his opening address, EFCC Chairman, Mr. Ola Olukoyede emphasized that Nigeria and Africa at large is not helpless in the fight against corruption. He raised concerns over the growing threat of virtual asset fraud and online investment scams, describing them as rising fronts for money laundering.
The EFCC boss disclosed that the Commission is currently investigating the Sybus asset fraud, among others, and highlighted that over 150 convictions involving foreign nationals have already been secured, with many currently serving jail terms.
“Virtual asset fraud is fast-growing. Unfortunately, many investors only report these scams when they’ve already lost their money,” he lamented. He urged Nigerians to be cautious when making financial commitments and to believe in the Commission’s resolve to deliver justice in every case brought before it.
Also speaking, the Governor of the Central Bank of Nigeria (CBN), represented at the event, noted that while technological advancement, such as that seen in Saudi Arabia has benefited many sectors, it has also created more room for digital fraud. He said the CBN is collaborating with the Nigerian Communications Commission (NCC) and other agencies to strengthen regulatory oversight and track down perpetrators.
The Director General of the Securities and Exchange Commission (SEC), Dr. Lamido Adama stressed that virtual assets are now a financial reality and must be addressed through firm regulatory policies. He added that corruption remains a major obstacle to Africa’s progress and called on all genuine participants in the investment space to register for proper accountability.
In a related development, the Director General of the National Orientation Agency (NOA) announced the agency’s plan to launch a mobile application and call centre to enable Nigerians to report suspected fraud, which will be referred to relevant authorities. He also urged Nigerians to rebuild a strong culture of values and integrity.
Delivering the lecture, the guest paper presenter issued a strong warning to Nigerians, especially youth and new investors, to beware of so-called “get-rich-quick” promises. He advised the public to always conduct personal research and consult regulatory agencies before investing in any scheme in order to avoid falling victim to fraudulent operators.
Representing the voice of Nigerian women, NCWS National President Princess Edna D.D Azura commended the EFCC for selecting such a timely and relevant topic. She pointed out that women are particularly vulnerable to emotional and manipulative fraud tactics, especially in the virtual space, and called for collaboration between EFCC and NCWS to educate women across the country on fraud detection and prevention.
“Many women are lured into fraudulent investments without fully understanding the risks. We appeal to the EFCC to work with NCWS to train and enlighten Nigerian women on the warning signs of such scams,” she said.
The NCWS Nigeria team, under the leadership of Princess Azura, graced the occasion to reinforce the Council’s commitment to promoting transparency, strengthening financial literacy among women, and supporting the broader national campaign against corruption and digital fraud.
NCWS Nigeria, Media Unit