NCC Underscores Role of ICT in Fighting Financial Crimes    

Emma Okonji

Nigerian Communications Commission (NCC) has said effective application of Information and Communications Technology (ICT) is critical in combating financial crimes by enabling real-time surveillance, regulatory compliance, and secure data processing.

NCC is also seeking multi-disciplinary and multi-stakeholder collaborations to address issue of illicit financial flows in the country.

Executive Vice Chairman of NCC, Dr. Aminu Maida, who was a speaker at the 11th Anniversary Lecture Series of RealNews Magazine in Lagos on Tuesday, where he was also inducted into the RealNews Hall of Fame in recognition of his outstanding contribution as Guest of Honour at the event, said robust ICT systems remained critical for preventing and investigating financial crimes or mitigating the risks associated with virtual assets in the financial markets.

Maida, who was represented at the forum by the NCC’s Director of Public Affairs, Mr. Reuben Muoka, described financial crimes as “criminal activities that involve transactions, abuse, misuse, deception, or manipulation of financial systems for personal gain.” He said the crimes also include a wide range of offenses such as Insider abuse, money laundering, terrorism financing, embezzlement and all kinds of fraud.  

 He said while financial crimes do not only have a huge economic and social impact but can also be linked to violent crimes that lead to loss of lives, they also threaten the integrity, trustworthiness, stability, security, safety, and future of an entity such as a country, enterprise or an individual.