Investment Scam is projected to astronomically increase by 13 Percent in Nigeria if concrete steps are not taken to check the ugly trend.

A fraud prevention expert, Olufemi Odebode who gave the warning insisted that a recent study by the ICIRnigeria.org indicated an increase on the average loss per victim rose from $8,142in 2021 to$12,859in 2022 due to investment, romance and cryptocurrency scam. Unfortunately, only 4.2 percent of stolen funds were recovered.

Speaking to select media organizations in Abuja, Odebode, who is also the Chief Executive Officer (CEO) of Legwork Herald Ltd insisted that the way out of this unfortunate quagmire is for investors and business owners to engage professionals for the purpose of background check and due diligence before they engage in any transaction.

"Do you know that 8.8billion naira (ftc.gov release.) has been lost to investment scam in Nigeria and its projected to increase by 13 Percent in 2024?.

“The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede is quoted to have said he discovered that within three years Nigeria lost N2.9trillion to contract scam which was meant for some government projects but diverted into personal use by contractors.

"Are you also aware Nigerians have lost over $10,000 to fake jobs offers in the UK alone? This is as according to international organization for migration.

While prescribing the solution to the malaise, Odebode said "Background check as the name implies is a process conducted by an organization to verify whether a person (usually an employee or a person of interest) is who or what they claim to be. This process has saved many diasporas and companies from engaging in illegal business, investing funds on plausible properties or project back at home.

"It gives you an in-depth knowledge about a business or project, up to-date research, verification and information about the project or business. Here, at Legwork Herald Limited, we’re an international business management consulting company.

"We offer background check solution among many other solutions providing the bridge between you and the truth.

"LEGWORK as a member of SPBS- Society for Professional Background Screeners of Nigeria, Is well on its way to becoming the leading solution needed to avert scams and help save your money.

"Give your brand the protection needed, improve you hiring decisions and prevent you falling victim of fraud. Background checks at national level contribute to safeguarding against a range of threats, including insiders risk, criminal activities, and potential incompetence.

'By ensuring the integrity and sustainability of individuals in key positions, mitigate the risk of losses associated with security breaches, economic downturns and reputational damage.

"Moreover, implementing comprehensive background checks across all levels and sectors ranging from government official, private businesses, leaders and employees can create an environment of trust, accountability and efficiency. This in turn attracts investments, encourages economic activities and supports overall GDP growth for the nation."