ABUJA, Nigeria (CAP) - In yet another sign of the troubled world economy, income from Nigerian email and phishing scams tumbled to levels not seen in nearly 12 years this week, as scammers continue to worry that the U.S. government's efforts to halt the recession won't be sufficient to restore people's desire to be frivolous with their money.
The Nigerian scam industrial average lost 250 points, or 3.4%, ending at the lowest point since May 7, 1997. The N&E 419 index lost 26 points, or 3.5%, ending at the lowest point since April 11, 1997. Analysts see a tough road ahead for the long-standing Nigerian institution.
"This is a cow market if there ever was one," said economist Gideon Arap Moi, son of the former president of Kenya, Mr. Daniel Arap Moi. "The Madoff scandal did not help our cause as people are now less willing to spend tens of thousands of dollars for a guaranteed return of millions, even if that guarantee comes via email from a distinguised African gentleman such as myself."
