Africa World 

Forex scams in Africa and how to avoid them

Foreign exchange (forex) trading in Africa is still pretty much in its infancy. But with the African Development Bank Group highlighting the regional economy’s continuous improvement, forex trading has been picking up speed in the continent over the past few years, as the region is fast becoming a popular destination for financial markets. Of course, forex trading’s rising popularity in Africa comes as no surprise. After all, a post by FXCM on ‘What is Forex?’, reports that it is the most liquid market in the world with an average trading volume exceeding $5…

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Africa Business West Africa World 

Arrests made in Ghana, Nigeria over money-transfer scams

Police in Nigeria, Ghana and Kenya have reportedly made dozens of arrests over large-scale money-transfer scams. Suspects arrested reportedly carried out the scams by tricking victims into wiring money to bank accounts controlled by fraudsters. More than 250 people were arrested in 10 countries, according to the FBI which added that raids in the US, UK, Turkey, France, Italy, Japan and Malaysia were also carried out. 167 of those arrested in these operations were from Nigeria. The FBI said the various operations resulted in the “seizure of nearly $3.7 million…

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Africa Nigeria West Africa World 

Nigerians react to arrest of 80 nationals by FBI for internet fraud

Nigerians have been reacting with mixed feelings after the Federal Bureau of Investigation (FBI) in the United States announced the arrest of some 80 Nigerians over internet fraud. The FBI revealed the names and aliases of the Nigerian-born fraudsters who were arrested during a bust of an 80-man Internet crime syndicate across the United States. According to American officials two Nigerians run a money-laundering network used for the transfer of stolen funds. They run a group of fraudsters, numbering 80 who undertake several internet frauds. They were alleged to have…

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