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EFCC Warns of Cybercrime Threat as Nigeria Lost Over $500m in 2022

Kehinde Fajobi

The Economic and Financial Crimes Commission (EFCC) has raised concerns about the escalating threat of cybercrime in Nigeria, revealing that the country lost over $500 million to such activities in 2022.

This warning was issued by the EFCC Chairman, Ola Olukoyede, during a National Cybercrime Summit organised by the agency on Tuesday in Abuja.

“Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion,” Olukoyede stated.

He added, “As a matter of fact, the research I did earlier this year confirmed that cybercrime has become the third largest GDP in the world with approximately 2,328 cases occurring daily.”

Olukoyede highlighted the serious implications of unchecked cybercrime, noting, “If left unchecked, cybercrimes portend grave dangers to the entire world. Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrime.”

He pointed out that cybercrime has constituted a substantial percentage of the convictions recorded by the EFCC since he took office.

“These are the realities stalking the Commission’s fight against these crimes,” he said, adding that cybercrime represents a significant portion of the 3,455 convictions achieved by the EFCC in the past year.

In response to the growing issue, Olukoyede announced initiatives aimed at redirecting the energies of young people, who are often involved in cybercrime.

“First, there is an alternative of creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud,” he explained.

He noted that the summit was designed to expose young Nigerians with strong tech skills to various legitimate opportunities across multiple sectors.

“Today’s event is tailored towards exposing young Nigerians with strong tech skills to the opportunities that are bound in various industries and sectors for legitimate wealth creation and honest livelihood,” he stated.

“These opportunities can be found in the creative industry, tech ecosystem, financial services sector, medical services, and even law enforcement, your lens.”

Olukoyede emphasised that combating cybercrime is a collective responsibility and cannot be left solely to the EFCC.

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