The prevalence of fraud in both the public and private sectors in Nigeria has been widely acknowledged. Fraud includes obtaining money by false pretence, and diversion of money into unauthorised private use. But things are changing too. For instance, digital-payment fraud losses fell by 51%, from N52.26 billion (about US$38 million) in 2024 to N25.85 billion (US$19 million) in 2025.
Former president Olusegun Obasanjo’s administration established the Independent Corrupt Practices and Other Related Offences Commission in 2000 to investigate and prosecute corruption. Its twin agency, the Economic and Financial Crimes Commission, was established in 2002. Both have done well in investigating high-profile fraud cases and recovering stolen assets.
