Wednesday, June 29, 2011

Nigeria is a high fraud risk nation, it is the country where 419 scams originated and a large group of internet criminals continue to manipulate and defraud millions from victims around the world, every single day. Although most people think Nigeria’s scamming days are over, and everyone knows about their scams, private investigators completely disagree. The Nigeria private investigator business is booming, and law enforcement agencies say it’s the growth in criminal activity which is driving the trend.

Commercially speaking, Nigeria was put back on track in the early 2000’s, and oil production is a main attraction for international investors- mainly from the United States, Brazil and India. The mixed economy relies mostly on manufacturing and producing goods for other West African consumers. Corruption and crime and inefficiency is part of daily life here. But, with a serious overpopulation problem (estimated at 160,000,000 for 2011), there is a real economic force in the country, in numbers alone. Combine this with the natural gas and crude oil industry and pipelines, and criminals operating freely (not to mention the threat from Muslim terrorists), Nigeria is a complex land full of opportunity and risks. For those businesses in the natural resources market seeking an entrance to West Africa or continental Africa, Nigeria is often the choice. With its exploding population, and buying power of its people, Nigeria is a place for investment for those that can tolerate high risk. And that is where Lagos private investigators come into play.

According to the International Monetary Fund, corruption is hard to avoid and is a serious risk to individuals and businesses. Criminal activity and romance scams are widespread, as is business fraud and 419 or advance fee fraud. Because of the high risk, all personal and business relationships should be verified. Any new business contact or potential investor or supplier, or unknown entity or organization should be screened for fraud. Small businesses, individuals and corporations around the world are now relying on Nigeria background checks and Nigeria due diligence services to minimize the risk in the country. Lagos based private investigators report significant growth, despite the poor economy, and say because of the problem with fraud and scams, business in the private investigation industry is growing at a fast pace.

Of course, not all Nigerians are criminals. Many businesses and individuals operating from Lagos are shining examples of the future Nigeria, where efficiency and transparency is cherished and counted on. As in any investment, the risk-reward relationship is often true, and Nigeria is no exception to the rule.
Internet scams and business fraud is no joke. Billions are lost each year from Nigeria based scams alone, each year. Many crimes go unreported, and those that do get reported, rarely get investigated. This is the Wild West and law and order has yet to arrive. Until the situation improves, be safe and verify.

Best of luck,

A Hathaway
© 2011 A Hathaway

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