Socio-Economic Developments and the Rise of 419 Advance-Fee Fraud in Nigeria

The impact of 419 on the global economy has steadily increased over the past five years. Estimates of the financial losses of countries, institutions and individuals vary widely due to lack of centralized counter 419 operations. According to a recent study by a Netherlandsbased institution, the global economy lost an estimate of US3183millionin2005,US3883 million in 2006, US4289millionin2007,US6328 million in 2008 and US$9387 million in 2009. This paper will examine how poverty, unemployment and corruption in government in Nigeria have combined to born and nurture 419 Advance-Fee Fraud (AFF).