Nigeria Loses Over $500 Million Annually to Cybercrime – EFCC

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has raised concerns about the growing global threat of cybercrime. Speaking at the National Cybercrime Summit, organized in collaboration with the European Union’s Rule of Law and Anti-Corruption Programme, Olukoyede revealed that worldwide losses from cybercrime have reached a staggering $10.5 trillion, with approximately 2,328 cases reported daily.

Bringing the focus to Nigeria, Olukoyede highlighted that the country lost over $500 million to cybercrime in 2022 alone. He further noted that cybercrime suspects constituted the majority of the 3,455 convictions recorded by the EFCC during his first year in office.

Additionally, the commission has successfully recovered and returned valuable assets to victims, both within and outside Nigeria.

Olukoyede also outlined the EFCC’s proactive measures to combat cybercrime, including the establishment of a Cybercrime Research Centre in collaboration with a Nigerian fintech. This center will train 500 young Nigerians at a time in cybersecurity and cybercrime research, providing them with skills that can be applied positively.

At the summit, several governors and experts called for solutions beyond arrests, advocating for initiatives that could prevent cybercrime at its root. Kwara State Governor and Chairman of the Nigeria Governors’ Forum, AbdulRazaq AbdulRahman, expressed his support for the EFCC’s efforts, emphasizing the need for reshaping the mindset of young Nigerians regarding crime and patriotism.

Zamfara State Governor, Dauda Lawal, echoed similar sentiments, stating that leaders should be accountable and transparent to build trust. Meanwhile, Minister of State for Youth, Ayodele Olawande, urged young Nigerians to avoid cybercrime, stressing that poverty is not an excuse for criminal behavior. He also emphasized the importance of creating opportunities for youth through innovative programs.

Danladi Plang, Head of International IDEA, warned that Nigeria’s large, tech-savvy youth population could misuse their digital skills, leading to negative consequences for the country’s global reputation and financial system.

He suggested that instead of relying solely on traditional law enforcement methods, more efforts should be made to harness these skills positively, providing legitimate opportunities for the nation’s youth.