Prior to the year 2001, the phenomenon of Internet criminal fraud was not globally associated with Nigeria. Since then, however, the country had acquired a world-wide notoriety in criminal activities, especially financial scams, facilitated through the use of the Internet. This is not to say that computer-related crimes were alien to the country. It is, however, remarkable that the perpetration of cyber crimes involving Nigerians and traceable to Nigeria became so rampant that questions might be legitimately raised as to why the problem became so pronounced from around that year. It is further remarkable that the attempt to launch Nigeria into the digital age coincided with the unprecedented rise in computer-related financial crimes in the country. In this paper, it is argued that the problem arose as a direct consequence of the lapses in the 2001 National Policy for Information Technology (NPFIT). The argument is based on an analysis of the various provisions of the Policy, with specific focus on the lack of proactive security provisions in it and in its subsequent implementation, in the wider context of global experiences of, and efforts to deal with, cyber security breaches as at the time of the formulation and implementation of the NPFIT