The Nigerian Financial Intelligence Unit (NFIU) has alerted the public about the increasing activities of fraudsters, including some who approached it to help recover as much as €30 billion.
In a notice issued in Abuja, the NFIU advised the public to be extra cautious, noting that fraudsters have become bolder than ever.
The intelligence unit reaffirmed its commitment to providing timely advice and guidance to its stakeholders through an evidence-based approach derived from relevant case studies.
The NFIU stated: “A law firm submitted a petition on behalf of its client, an NGO, requesting the NFIU and other relevant agencies to trace and recover the sum of €30 billion allegedly transferred from a foreign bank to a bank in Nigeria. The petition further claimed that the funds have been blocked by a financial institution in Nigeria.”
According to the petition, the funds were intended for investment in the real estate sector.
“In another case, a law firm forwarded a petition on behalf of its client seeking to trace and recover the sum of €6 billion transferred from foreign banks to the client’s Nigerian bank account. The funds were said to be meant for the construction of 10 modular refineries in three local government areas in an oil-producing state of Nigeria.
“The law firm also wrote to the police, EFCC and the NFIU appealing for a discreet investigation for the tracing and recovery of the funds. An individual claimed to be the beneficiary of a transfer of N30 million and alleged that the funds had been withheld by a bank in Nigeria. The individual wrote to various agencies to investigate and help recover the funds and these agencies then requested the NFIU to trace the funds for recovery,” it said.
The NFIU emphasised its commitment to providing timely advice and guidance to its stakeholders through an evidence-based approach from relevant case studies.
It added, “These case studies provide ample information on emerging trends, patterns, suspicious activities and methods intended to exploit the vulnerabilities of the financial system for illegitimate and unlawful activities.”
“This advisory became necessary due to numerous frivolous petitions received by the NFIU from financial institutions, government agencies and other third parties seeking assistance in tracing and recovering funds transferred from foreign entities to their business partners in Nigeria.
“The advisory aims to draw the attention of relevant stakeholders and the general public to the red flags and emerging trends, especially the use of forged documents by fraudsters to defraud unsuspecting members of the public.”
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