Last Updated on by SCARS Editorial Team

RSN™ Special Report: Nigeria’s Fortune In ScamScam A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. 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, EFCCEFCC Economic and Financial Crimes Commission The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud (419 fraud), scams, and money laundering. The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF), which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering. The agency has its head office in Abuja, Nigeria., 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

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 o