From Juliana Taiwo-Obalonye, Abuja
The Nigerian Financial Intelligence Unit (NFIU) has issued a stern advisory alerting the public, financial institutions, and legal practitioners about a rising wave of fraudulent petitions involving alleged large wire transfers from foreign banks into Nigerian accounts.
It explained that these scams frequently involve forged documents, fictitious transactions, and deceptive tactics aimed at exploiting the financial system.
According to the NFIU, fraudsters typically open new bank accounts and create counterfeit Memoranda of Understanding (MoUs) and doctored SWIFT messages to claim non-existent funds. They often solicit financial contributions from victims by promising a share of these fictitious inflows. Some law firms have been unwittingly engaged without proper due diligence, lending credibility to these fraudulent claims.
Key red flags identified include unusually large transfer amounts, inconsistencies in documents, newly incorporated entities with no transaction history, and forged signatures. Investigations revealed no confirmations of such transfers from foreign financial intelligence units or banks, with many implicated entities being shell companies.
The NFIU highlighted the reputational risks posed to Nigerian banks and the erosion of public trust, noting the misuse of its name and forged documents bearing its insignia to perpetrate these scams.
In response, the NFIU urged financial institutions to conduct enhanced due diligence, rigorously verify SWIFT messages, promptly reject suspicious claims, and file Suspicious Activity Reports (SARs) or Suspicious Transaction Reports (STRs).
It advised the public to be skeptical of unverifiable wire transfer claims and scrutinize investment opportunities carefully. Law firms are called upon to thoroughly verify client documents before accepting briefs.
The advisory stressed the need for vigilance, due diligence, and collaboration among financial institutions, law enforcement, and the public to mitigate the growing threat these fraudulent petitions pose to Nigeria’s financial sector