The Economic and Financial Crimes Commission (EFCC) said that the Federal Bureau of Investigation (FBI) gave it a list of 600 cars that were brought into Nigeria illegally.
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At BusinessDay’s yearly Future of Payment and Fraud Conference 2023, the EFCC’s assistant chief, Moses Oguzi, said this.
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“The majority of them spend the money on expensive cars. Many of the cars you see on car lots in Lagos do not belong to car sellers. They buy and ship down expensive cars. “The money is stolen in Canada, the US, and the UK,” said Oguzi.
He said that most of the time, cybercriminals who are part of an international crime ring scam people in other countries, and we get information about them from the FBI. A brief study by the FBI led them to Nigeria.
Oguzi also said that the president signed the Proceeds of Crime Act (POCA) 2022 into law in February 2022. It helps get back stolen money that was used to buy property.
With this Act in place, the EFCC will be able to get back the stolen money that was used to buy cars.
“Once the money is in a bank account. We ask that court for a temporary confiscation order, and the court will give it to us because we have shown a link,” he said.
Oguzi said that the most common type of online theft in Nigeria is wire transfer fraud.
Ade Bajomo, the head of Fintech NGR, said that Nigeria needs more law enforcement agents who are honest to stop the constant hacking there.
“The world is becoming less real quickly, and criminals are getting ahead of law enforcement,” he said. “We need more honest law enforcement agents to catch up with them.”
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