The Nigeria Financial Intelligence Unit (NFIU) is raising alarm over fraudulent petitions amounting to over €36 billion involving individuals and entities. Most of the funds were traced back to wire transfers from top European financial institutions into Nigerian banks. The NFIU cautioned law firms against blindly accepting briefs for tracing and recovering money without proper authentication, highlighting the recurrent threat posed by deceptive fraudulent petitions.
The NFIU stressed the importance of vigilance and recommended safeguarding important documents to prevent their misuse. It disclosed that queries on large international wire transfers held up in Nigerian banks often involve briefcase companies with no tangible business track record, indicating possible forgery of supporting documents.
To curb the spread of fraudulent activities, the NFIU advised the public to exercise skepticism when dealing with telegraphic transfer documents, especially from major European banks. It called on law enforcement agencies to prosecute offenders promptly and urged the Nigerian Bar Association to educate members on the importance of verifying client documents before taking action.