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CRAN: Security Agencies Urged To Unite Against Rising Financial Crime Menace


Dec 8, 2023

Dr. Solomon Arase, former Inspector General of Police and Chairman of the Police Service Commission, urged a united front among security agencies to combat the escalating financial crime posing a threat to Nigeria’s economy. Addressing the annual lecture and award ceremony organized by the Crime Reporters Association of Nigeria (CRAN) in Lagos, Dr. Arase highlighted the need for enhanced capacity within security agencies to decipher and prosecute the complex networks involved in financial crimes.

Represented by AIG Idowu Owohunwa from the Force Criminal Intelligence and Investigation Department (FCIID) Lagos annex, Dr. Arase emphasized the importance of institutional capacity and inter-agency synergy in addressing financial crimes.

He questioned the preparedness of national security institutions to deploy modern investigative tools and leverage inter-agency collaboration to counter this threat effectively.

Dr. Arase advocated bridging the capacity gap within security agencies to understand the intricate dynamics of financial crimes.

Echoing these concerns, guest lecturer Dr. Bone Efoziem noted that financial crime has become endemic in Nigeria.

He urged a shift in focus for the youth towards hard work and emphasized the need for collective efforts to address the nation’s security challenges.

Dr. Efoziem remarked that though the situation in Nigeria might not be as dire as portrayed on social media, collective efforts are required to address the country’s security concerns.

He urged Nigerians to support security agencies by providing information, emphasizing that combating crime demands a collective effort and cannot rely solely on security operatives.

In a separate statement, the acting Commissioner of Police of Lagos, represented by ACP Saheed Kazeem, commended the organizers and congratulated the awardees, expressing hope that the recognition would motivate them further in serving the nation.

In his welcome address, President of CRAN, Mr. Lekan Olabulo, decried the rise of financial crimes in both public and private spaces, labeling it a national embarrassment.

He criticized corrupt public officials and emphasized the necessity for those involved in embezzling public funds to recognize they are not immune to investigation.

Olabulo underscored the need for the annual lecture and award series to serve as a platform for suggesting strategies to combat insecurity.

He lamented the normalization of cybercrime (popularly known as Yahoo Yahoo) among the youth, urging stringent measures to curtail its acceptance in society.

The CRAN President highlighted the event’s three-decade role in providing solutions to the nation’s security challenges.

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