THE Economic and Financial Crimes Commission (EFCC) has secured 192 convictions from the arrest of 4,111 suspected money launderers in various  financial institutions across the country.

The EFCC Acting Zonal Director, Aisha Habib, disclosed this during a training of journalists and civil society organisations (CSOs) on capacity building to tackle financial and other related economic crimes in Nigeria over the weekend in Maiduguri, Borno State.

She stated: “Today’s one-day training is crucial in the fight against cryptocurrency scammers, which are evolving at an unprecedented pace in global financial transactions.”

Declaring the training session open, the Zonal Director lamented: “Cryptocurrencies and other emerging financial innovations confront us with new challenges and risks,”  emphasising the importance of staying ahead of the financial and economic curve in combating financial and economic crime.

Habib added that understanding the landscape of the financial realm is  necessary to combat financial and economic-related crimes.
Beyond training, she highlighted the importance of equipping individuals with knowledge and tools to stay ahead of financial and economic challenges.
Speaking on the challenges faced by the Commission, she attributed inadequate funding and the lack of synergy between the EFCC and government agencies to the rising cases of money laundering and other related financial crimes.

She noted that without public cooperation against cryptocurrency and other financial scammers, EFCC could not have arrested 792 fraudsters in six hours, with192 of them convicted this year.
She urged members of CSOs and journalists to be vigilant in cities, towns, and communities against the activities of cryptocurrency fraudsters. 

To reduce financial and economic crimes in the country, public ownership in tackling corruption at the federal, state and local council levels is crucial. People should be sensitised about the risks associated with cryptocurrency scammers and other related financial crimes.

Meanwhile, the EFCC has recovered over N566 billion from money laundering and other related financial crimes across the country in the last two years.