A three-day capacity-building workshop for law enforcement agencies, organised by the Nigeria Deposit Insurance Corporation (NDIC), concluded today in Lagos with a strong call for coordinated action against rising financial fraud and cybercrime threats.
The event, held from July 7 to 9 at the Vintano Hotel, Lekki, brought together senior law enforcement officials, financial sector regulators, and fraud prevention experts. Discussions throughout the workshop focused on identifying emerging fraud trends, sharing counter-strategies, and enhancing inter-agency cooperation.
Speaking at one of the final sessions, Dr. Michael Oladele, former Director of the Bank Examination Department of the Central Bank of India, warned that cybercriminals are exploiting the increasing interconnectedness of the global financial system.
“Fraud is not just a Nigerian problem. It’s a global crisis. Cybercriminals are often a step ahead, and if we don’t match them in innovation and vigilance, financial system stability could be compromised,” Oladele told participants.
He explained that while individuals suffer significant personal losses from fraud, the bigger risk is the potential damage to Nigeria’s financial stability and global ratings.
Over the three days, Oladele and other experts presented statistical analyses and typologies of fraud cases, highlighting how financial crimes have evolved beyond borders. He noted that Nigeria already possesses significant technological capacity but stressed that fighting fraud requires continuous improvement.
“Do we have the capacity to fight fraud? Yes, but the biggest room in the world is the room for improvement. Fraud is dynamic; our defences must be dynamic too,” he stated.
The workshop featured interactive sessions where participants shared real-world experiences and discussed proactive measures, including the use of artificial intelligence in fraud detection, and strategies for building stronger cross-border collaborations.
The NDIC said the workshop is part of its ongoing efforts to protect depositors’ funds and safeguard the banking system. Law enforcement agencies were urged to conduct regular assessments of their fraud prevention frameworks and close any gaps that cybercriminals could exploit.
As the workshop ended today, participants agreed that tackling financial fraud requires an ongoing commitment to collaboration, capacity building, and technological innovation.
Oladele concluded with a warning and a call to action:
“This fight is not over. Financial fraud affects lives and economies. We must keep upgrading our skills, our systems, and our partnerships to stay ahead of the criminals.”
The NDIC reiterated its commitment to hosting similar initiatives in the future, recognising that safeguarding Nigeria’s financial system is a shared responsibility.
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