The Economic and Financial Crimes Commission (EFCC) says over 1,500 Internet fraudsters have been arrested this the new chairman of EFCC came into office in February this year.
The agency said the apprehended Internet fraudsters are presently facing prosecution.
The agency added that Nigeria lost about N5.4tn to tax evasion by multi-national corporations operating in the country between 2011 and 2021.
The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, while presenting a paper at the 38th Cambridge International Symposium on Economic Crime, said Nigeria is also losing potential revenue through oil theft.
He addressed the theme ‘Combating Crime, Corruption and implication for Development and Security,’ at the event organised by organised by the Centre for International Documentation on Organised and Economic Crime, Jesus College, University of Cambridge, United Kingdom.
He, however, said that since his assumption of office over N6bn has been recovered from financial and economic saboteurs.
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Bawa, who was represented by his Deputy Chief of Staff, Sambo Mayana, noted that resources that could support a country’s development are lost through criminal acts such as corruption, tax evasion, money laundering, and others.
“The spoiler effects on countries’ development processes are diverse, and particularly severe for fragile states: economic crime, including illicit financial flows, diverts much needed resources needed to rebuild countries’ public services, from security and justice to basic social services such as health and education,”the EFCC boss said.
“From the time I took over as the Executive Chairman, on the 5th of March 2021, we have recovered over N6bn; over $161m; over £13,000; €1,730, 200 Canadian dollars; CFA 373,000; ¥8,430 and 30 real estates.
“We have arrested over 1,500 Internet fraudsters, many of whom are being prosecuted,” he added.
“The incidence of illegal mining, smuggling of goods, tax evasion, illegal oil bunkering, illegal arms deals to mention a few does not allow the government to receive the full accruals from the continent’s vast resources that are needed for development.
“The revenue generated are embezzled by government officials and their collaborators in the private sector. This does not allow for economic growth and by extension a hindrance to development.”
