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Nigeria loses N127bn annually to Internet fraud

Nigeria is losing over N127bn yearly to cases of Internet frauds across all sectors of the economy, the Minister of Communications, Mr. Adebayo Shittu, has said.

The minister stated this in a document he made available to our correspondent on Friday, adding that majority of the frauds were perpetrated on foreign domain names and had become popular among Nigeria’s over 93 million Internet users.

Sequel to the development, he said that the Nigerian Internet Registration Association had finally begun taking concrete steps to protect Internet users as it commenced investigations into 30 complaints arising from .ng domain names abuse.

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