Tuesday, July 21, 2026

Inflation, technological advancement, get-rich-quick syndrome fuelling fraud in Nigeria: Experts

Security experts, legal practitioners, and religious leaders have identified factors that inspire fraudulent activities and ways to make fraud less appealing.

• May 5, 2024
Cyber fraudster
Cyber fraudster [Photo Credit: FE Week]

A cross-section of security experts, legal practitioners, and religious leaders have identified factors that inspire fraudulent activities and ways to make fraud less appealing.

The respondents expressed their divergent views in separate interviews with journalists in Ibadan on Sunday.

In his opinion, a security expert, Oyesoji Aremu, said the question of fraud had always been on the front burner globally, with Nigeria receiving more attention on the subject, given the various accounts of high-profile cases.

“While the criminal justice system, especially the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC), are doing everything within the ambit of the law to bring people to justice, it has not abated,” Mr Aremu said.

The don stated that the country would continue to have more fraud cases as long as there were no strong punitive measures by the criminal justice system.

“Here, the country needs to reawaken national consciousness through which the question of morality, virtues and values would be made to be consciously imbibed and internalised by all.

“This will also require a national revival, which should be a top-down approach,” Mr Aremu said.

Isaac Onah, a principal legal officer with the National Judicial Council (NJC), identified unemployment, rising inflation, get-rich-quick syndrome and peer pressure as promoters of internet fraud in the nation’s context.

“There is no gainsaying that a country with an estimated population of 250 million with 33 per cent unemployment wallowing in idleness and facing an uncertain future will not swoop at any deception that will assure them of a brighter future; however, interim, it will be,” he said.

To curb the menace, the legal practitioner recommended that the police, through its special fraud unit and the EFCC, intensify their efforts by being proactive in the fight against fraud.

Also, a legal practitioner, Tobi Fatoki, said fraud-related issues have existed since time immemorial, even as recorded in the spiritual books.

“Many factors contribute to the tremendous increase in fraud, and such factors include but are not limited to the lack of political will to strongly fight corruption, corrupt leaders/rulers, greed, the get-rich-quick syndrome, impatience, jealousy, peer pressure, etc.

“If fraud can be completely staled among the politicians, businessmen and youths in Nigeria, then we shall enjoy a heaven-like nation,” Mr Fatoki said.

The chairman of the Christian Association of Nigeria (CAN), Oyo State branch, Joshua Akinyemiju, identified technological advancement as another cause leading to the increasing acts of fraud.

The CAN chairman also said that poverty, lack of moral education, economic instability and financial hassles could drive people to engage in fraudulent activities to survive.

He called for governments and law enforcement corporations to work to reinforce legal frameworks and regulatory mechanisms to deter fraud and hold perpetrators responsible.

“Collaboration among spiritual leaders, government companies, and civil society groups can facilitate the dissemination of anti-fraud messages, sell ethical teachings, and offer assistance to people and households affected by fraud,” Mr Akinyemiju added. 

However, John Medupin of the Redeemed Christian Church of God (RCCG) identified the internet and the breakdown of moral values and ethical standards as factors responsible for the rise in fraud cases.

“Encouraging individuals to prioritise moral principles over material gain, providing support for those facing economic hardships, and fostering a culture of accountability and transparency can all contribute to mitigating the prevalence of fraud in society,” Mr Medupin said.

Meanwhile, an Ibadan-based Islamic cleric, Habeebulah Buhari, says it is a sin in Islam to engage in fraud and other vices.

He called on Nigerians to stop celebrating the rich without questioning their source of wealth, as this would help discourage people from engaging in illegitimate means of livelihood.

The records of the Iyaganku Chief Magistrates’ Court in Ibadan for the first quarter of 2024 show that fraud-related cases came next to stealing, with 65 cases recorded.

An activist, Michael Adenrele, said fraud cases had become rampant as most fraudsters hide behind a slow justice dispensation to perpetrate their trick on their victims.

“They know that after being caught, they will be arraigned in court by the police after bail conditions have been met, which must be, no thanks to their other colleagues who make sure the defendant is released.

 “After many years of adjournments, the fraudster might have absconded and jumped bail; all these and other factors make fraud rampant,” he said. 

(NAN)

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