Consequent to the above facts, financial and economic crimes have advanced enormously in Nigeria in terms of volume and complexity.

It takes two to tango. With emphasis on financial crimes that are executed over the Internet like Spam, financial scamming and phishing, some victims of such fraud will not be entirely exonerated. Up till now, a majority of Nigerians who have shown concern in the fight against Spam still wonder why stories like (I am the son of a politician in Nigeria, I need to move my father’s money to Europe or America for safety, please will you let me use your account number. I am the Director General of Nigeria’s National Petroleum Corporation, I want to award some contracts, advance money so that you will win the bidding or secure oil blocks… bla bla bla) which are patently incredible still sell. The truth is that the greed of some victims who are bent on aiding the under development of Africa are usually taken advantage of by this Cyber Criminals. Some of the victims who are interested in doing genuine businesses blatantly disregard proper channels to get into Nigeria’s promising business environment. They try to cut corners, which usually result to their detriment.

EFFECT

The damage financial and economic crimes have done to the Nigerian Nation is colossal. In the international comity of Nations, Nigeria is perceived as a country synonymous to fraud. Financial and economic crimes have given a ruthless blow to Nigeria’s Economy and Businesses. Socio politically, Nigeria has suffered immensely.

In June 2001, the Financial Action Task Force (FATF) placed Nigeria on its list of Non-Cooperative Countries and Territories (NCCT) in combating money laundering and in April 2002, the United States issued an advisory to inform banks and other financial institutions operating in the United States of serious deficiencies in the anti-money laundering regime of Nigeria and to warn US banks to give “enhanced scrutiny” to all financial transactions emanating from Nigeria or going to, or through it.7

“Our country has been adjudged as corrupt. We are said to have unleashed on the world the “419 bug”. Some people have now tagged Nigeria a “financial terrorist” nation on account of the volume of financial crimes that emanate from Nigeria”. 8

“Advance fee fraud became the international image of Nigeria. It destroyed the trust that the international community had and the credibility of both government and individuals. It discouraged genuine investors from coming to the country despite the abundant opportunities abound. More than that, even local institutions have failed or collapsed e.g. Nigeria Airways, refineries etc; infrastructure has collapsed, e.g. roads, electricity, etc likewise industries like Peugeot automobile, Volkswagen, Steyr, etc that hitherto were promising as Nigeria’s launch pad for industrialisation”. 9