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Thursday, October 7th, 2004 HOME | Previous Page Nigeria loses N3.5 trillion to fraud yearly, says EFCC By Dan Alo Correspondent, Lagos   Efforts by the Federal Government to redeem the nation from being referred to as one of the most corrupt countries in the world may be far from being achieved as the Economic and Financial Crimes Commission (EFCC) put the country’s total loss to fraud at N3.5trillion. The amount represents what is lost to fraud internally by individuals and corporate bodies including banks which are the worst hit by the ugly phenomenon. The EFCC issued the figure of the magnitude of the fraud on Wednesday at a gathering of members of the Anti-fraud Foundation, organisers of the first anti-fraud national conference to be held at the Eko Hotels and Suites, Victoria Island. The Director of the Anti-fraud Foundation, Mr. Eddy Edison, said, “this figure is indeed very worrisome and it should not be surprising why foreign investors are still skeptical about investing in the country”. He added that, “Cyber crime that is more complicated seems to be on the rise with huge sums lost to it. That is why a conference like this is planned to help businessmen and businesswomen to detect and prevent fraud. I am in charge of research and crime detection at the foundation. With my experience, we can help prevent and detect fraud.” Edison said not only the image of the country is affected by fraud but also the value of the naira. “For instance, if you are to spend N3billion on a project, the tendency is that you will spend more due to fraudulent activities,” he said. Stakeholders expected at the conference billed to start today are the Central Bank governor, Prof. Charles Soludo, EFCC Director, Rilwan Ribadu and bank executives, Edison said. Copyright� 2004. All Rights Reserved. Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.independentng.com e-mail: [email protected] Designed By Powered By DNet.

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