The Nigerian Communications Commission (NCC) has disclosed that financial crimes associated with the telecommunications industry have resulted in Nigerians losing approximately N12.5 billion over a span of four years.

Dr. Al-kasim Umar, the Director of Consumer Affairs at the NCC, made this revelation during the 2nd quarter of the 2023 Open Forum of the Industry Consumer Advisory Forum held in Lagos on June 22.

Dr. Umar highlighted the significant threat posed by e-fraud in Nigeria, as it erodes trust and confidence in digital platforms, obstructs economic growth, and negatively affects the lives of citizens.

He emphasized the NCC’s responsibility to protect the interests of consumers and preserve the integrity of the digital ecosystem.

He cited reports indicating that globally, cybercrime leads to losses of $600 billion annually, as estimated by the Center for Strategic and International Studies (CSIS), surpassing the previous estimate of $445 billion in a 2014 study.