EFCC: Nigeria lost over $500m to cybercrime in one year

The Economic and Financial Crimes Commission (EFCC) has disclosed that Nigeria lost more than $500 million to cybercrime in 2022, warning that if unchecked, the current cybercrime wave portended a grave danger.

The EFCC Chairman, Ola Olukoyede, made this known at the 2024 National Cybersecurity Summit in Abuja on Tuesday, October 22, 2024.

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

“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.

“The implication of all this is that if left unchecked, cybercrimes portend grave dangers to the entire world.

“Bringing it to Nigeria, in 2022 alone, Nigeria lost over 500 million dollars to cybercrime.”

Olukoyede said cybercrime accounted for a significant percentage of the convictions recorded by the agency since his one year in office as the chairman of the EFCC.

The EFCC boss stated: “These are the realities stalking the commission’s fight against these crimes.

“Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC.”

He, however, said there were plans to re-channel the energies of young people, who are mostly perpetrators of cybercrime.

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

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

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

According to him, the fight against cybercrime is a collective one that cannot be left alone for the EFCC.

The EFCC chairman stressed the importance of engaging state governors in tackling cybercrime at all levels, saying: “This time around, we are not only interrogating the problems, we are aggregating workable solutions to it.

“What alternative do we have for our youth?

“And that’s where it has become imperative to bring the state governors so that as we are tackling it at the federal level, sub-nationals will also have a role to play.

“The enormity of challenges posed to us as individuals and as a country by cybercrimes are grievous as individuals.”

Also speaking, the First Lady, Oluremi Tinubu, said it was imperative to involve stakeholders to win the war against cybersecurity in the country.

She said cybercrime was not just a crime against individuals or businesses but an assault on collective integrity, the nation’s economic stability, and the future of the youth.

The Star