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Magu expresses worry over spate of digital currency crimes

He said that the commission was inundated with petitions from victims.

Acting Chairman, Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has described as worrisome the surge in the digital currency-related crimes in the country.

He said that the commission was inundated with petitions from victims.

The commission’s spokesman, Mr Tony Orilade in a statement in Abuja on Thursday, quoted the chairman to have expressed the concern at the 12th annual retreat for Heads of Security of Banks and Other Financial Institutions in Ibadan.

The theme of the retreat was “Fighting Financial Crimes in a Digital Economy” was organised by the Chartered Institute of Bankers of Nigeria (CIBN).

Magu was represented by Hanafi Baba-Ahmed, a senior official in the commission.

Magu urged Nigerian bankers to always be guided by the ethics of their profession in the discharge of their duties.

He said that the commission, including other sister anti-graft agencies, would rely on their expertise to wage effective war against the digital currency fraud epidemic.

The chairman also commended the theme of the retreat which, according to him, would afford the participant the opportunity to appreciate the threats posed by the menace as well as discuss the security management strategies to tackle them.

“Let us discuss the importance of the digital revolution vis-a-vis the necessity of proper supervision over potential loopholes we are seeing.

“As professionals in the industry, I want to urge you to be properly guided by the ethics of your profession including the identification and reporting of suspicious transactions.”

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