Nigerians lost N12.5bn to telecom-based financial crimes in 4 years – NCC

The Nigerian Communications Commission (NCC) has revealed that Nigerians have lost about N12.5 billion to financial crimes linked to the telecommunications industry in four years. 

 The commission’s Director of Consumer Affairs, Dr Al-kasim Umar disclosed this at the 2nd quarter of the 2023 Open Forum of the Industry Consumer Advisory Forum organized by NCC in Lagos on Thursday, June 22.

Asides from pointing out that e-fraud poses a significant threat to Nigeria as it undermines the trust and confidence in the country’s digital platforms, hampers economic growth, and adversely impacts the lives of its citizens, he added that the NCC recognizes its duty to safeguard the interests of consumers and protect the digital ecosystem.

He said; 

“According to some reports, Nigerians have lost about N12.5 billion to financial crimes linked to the telecommunications industry in the past four years.

“The Center for Strategic and International Studies (CSIS) estimated that $600 billion is lost to cybercrime each year, an increase from a 2014 study that put global losses at about $445 billion.”