Lawmakers Seek Stronger Safeguards as EFCC Warns on Rising Digital Investment Scams

Lawmakers Seek Stronger Safeguards as EFCC Warns on Rising Digital Investment Scams

The Committee noted the need to align the proposed amendments with the provisions of the Nigerian Communications Act, recommending a thorough technical review to eliminate inconsistencies and ensure regulatory harmony.

To achieve this, the panel resolved to constitute a technical team comprising regulatory experts, legal practitioners, and key stakeholders from the financial sector. The team is expected to review submissions from the public hearing and fine-tune the proposed legislation to reflect global best practices.

Chairman of the Committee, Senator Abiru, emphasised that the primary objective is to deliver “a conclusive and effective legislation” capable of strengthening Nigeria’s financial ecosystem, enhancing consumer protection, and preventing future large-scale investment fraud.

The public hearing comes amid growing concerns over the proliferation of digital investment scams. The Economic and Financial Crimes Commission (EFCC) has repeatedly warned that, despite sustained advisories, many Nigerians continue to patronise high-yield schemes promising unrealistic returns.

Lawmakers expressed optimism that the outcome of the investigation would pave the way for stronger regulatory safeguards, restore investor confidence, and reinforce the integrity of the nation’s financial system.