The Economic and Financial Crimes Commission might be beaming its searchlight on the activities of internet fraudsters following the loss of about N127 billion to them.
The Nigerian Communications Commission (NCC) says Nigeria currently ranks third globally in cyber crimes behind the UK and the U.S.
NCC’s Chief Executive Officer, Prof. Umar Danbatta, disclosed this on Tuesday at the ongoing 2017 Annual General Conference of the Nigerian Bar Association in Lagos.
The News Agency of Nigeria reports that the conference’ theme is: “African Business: Penetrating through Institution Building”.
Danbatta, at a breakout session with the sub-theme: “The Business of Cyber Law, Internet Policy and Privacy Rights”, moderated by Mr. Augustine Alegeh (SAN) a former NBA President, said the number of internet users in Nigeria has hit 91.6 million.
“About N127 billion was the estimated loss to cyber crime in Nigeria in 2015; Nigeria ranks third in global internet crimes behind the UK and U.S.
“A critical factor militating against Africa’s economic resurgence is the weakness of its institutions.
“Nigeria ranks 169 out of 199 on the World Bank’s ease of doing business rankings; we are in a middle of a revolution and the rise of what we call the networked society.
“The NCC stipulates the laws of engagement that will make the cyberspace safe and ensure the confidence as well as the safety of the cyberspace,” Danbatta, a panelist, said.
“There are benefits and risks of the use of cyberspace and both have to be properly managed.”