SCARS Institute’s Encyclopedia of Scams™ Published Continuously for 25 Years
RSN™ Special Report: Nigeria’s Fortune In Scam Recovery $261,000,000 Dollars
Maybe it is better to be the police in Nigeria!?
Abuja, Nigeria — Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, boasted yesterday that he had set a new record in asset recovery and conviction of corrupt elements in the country of Nigeria in the last three years of his administration.
Acting Chairman of Economic and Financial Crimes Commission, EFCC, Ibrahim Magu
$261,000,000 Dollars
Magu, who flaunted the achievements of his three-year stewardship before journalists in his imposing office in Abuja, announced that EFCC under his watch recovered N794 billion, $261 million (about N77.8 billion), £1.1 million and 407 mansions from scammers and frauds.
He also said that the commission convicted no fewer than 703 corrupt persons and institutions within the period under review.
In the three years that I have been in charge of EFCC, we have secured 703 convictions. The breakdown is as follows:
- 103 convictions in 2015
- 194 convictions in 2016
- 189 in 2017 and 217 from January 2018 till date
“Ladies and gentlemen, in the past three years, we have set recovery records to the envy of virtually all law enforcement agencies in Africa.
“It is on record that about 90 per cent of all recoveries in Nigeria is through the EFCC.
“Following court orders which granted our prayers for interim and final forfeiture of looted funds, the recoveries under my watch between November 2015 and today are as follows:
“Over N794billion recovered. Over $261 million has been recovered. The Pounds Sterling recovered stands at 1, 115, 930.47 Pounds. The Euros recovered in the period is: 8,168, 871. 13 Euros. There is also the sum of 86,500 CFA
“Hundreds of properties such as filling stations, petroleum products, land, jewellery, automobiles, real estate, vessels, hospitals, company shares and heavy machinery and broadcast equipment have been seized from corrupt elements between 2015 and 2018.
126 Luxury Mansions Seized
“From 2015 to 2018, 407 mansions were seized, 126 have been forfeited finally and 281 are under interim forfeiture.
“Plots of land seized sums up to 98 of which 56 are under interim forfeiture, while 42 have been forfeited finally to the Federal Government.
“Two hundred and fifty nine automobiles have been seized, 35 are under interim forfeiture while 224 have been forfeited finally.
“A hospital, St. Solomon Health Care Centre located at No. 24, Adeniyi Jones Street, Ikeja, Lagos, has also been forfeited finally.
Of Course Victims Of These Criminals, Will Never See A Penny!
The EFCC and the Government of Nigeria seized these assets and placed them under their control to be used or liquidated – maybe even sold to other scammers!?
Obviously arresting scammers is a profitable business in and of itself in Nigeria!
While we applaud the efforts of the Nigerian Economic and Financial Crimes Commission, EFCC, and Mr. Magu specifically, we are concerned that the monies and assets should be returned to those harmed by these criminals.
RSN™ Team
a division of SCARS™
Miami Florida U.S.A.
If You Want Change We First Must Get Their Attention – Let’s Start By Boycotting Everything African!
END
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FAQ: How Do You Properly Report Scammers?
It is essential that law enforcement knows about scams & scammers, even though there is nothing (in most cases) that they can do.
Always report scams involving money lost or where you received money to:
- Local Police – ask them to take an “informational” police report – say you need it for your insurance
- Your National Police or FBI (www.IC3.gov)
- The Scars Worldwide Reporting Network HERE or on www.Anyscam.com
This helps your government understand the problem, and allows law enforcement to add scammers on watch lists worldwide.
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To learn more about SCARS visit www.AgainstScams.org
Please be sure to report all scammers HERE or on www.Anyscam.com
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on SCARS INSTITUTE SCAM WARNINGS – 2025: “This list is astounding! This just shows the general public has no idea the lengths the criminals will go to…” Jul 12, 10:17
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- Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
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A Note About Labeling!
We often use the term ‘scam victim’ in our articles, but this is a convenience to help those searching for information in search engines like Google. It is just a convenience and has no deeper meaning. If you have come through such an experience, YOU are a Survivor! It was not your fault. You are not alone! Axios!
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and to not blame themselves, better develop recovery programs, and to help victims avoid scams in the future. At times this may sound like blaming the victim, but it does not blame scam victims, we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this article is intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here to go to our ScamsNOW.com website.
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