Nigeria lost over $500 million to cybercrime in 2022, according to the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede.
Speaking at the National Summit on Cybercrime, held at the Banquet Hall of the State House in Abuja, Olukoyede highlighted the alarming growth of cybercrime, not only in Nigeria but on a global scale.
Olukoyede noted that cybercrime is now the third-largest GDP contributor globally, with an estimated 2,328 cybercrime incidents occurring daily.
He warned that global losses to cybercrime could reach a staggering $10.5 trillion by 2025 if left unchecked, emphasizing the urgency of the situation.
“The menace of cybercrime is a burning challenge that we cannot ignore. It is distorting societal values, especially among the youth, and posing serious economic and reputational risks to nations worldwide,” Olukoyede stated.
In Nigeria, the impact has been devastating, with over $500 million lost to cyber-related activities in 2022 alone.
The EFCC chairman stressed that these losses were unacceptable, given their toll on the nation’s economy and its institutions.
He further revealed that the financial services sector had borne the brunt of cybercrime losses over the past three years.
Addressing the youth’s involvement in cybercrime, Olukoyede expressed concern over the growing trend of quick riches, which has derailed many young people from pursuing productive intellectual and technological aspirations.
“The tendency towards quick riches is corrupting family values and stunting the development of resourceful intellectual aspirations and innovations in our society,” he said.
The EFCC, under Olukoyede’s leadership, has intensified its efforts to tackle cybercrime.
He disclosed that the commission had recorded 3,455 convictions in the last year, a significant portion of which were related to cybercrime cases.
Additionally, the EFCC has recovered substantial assets, returning them to both local and international victims.
To enhance its fight against cybercrime, the EFCC is setting up a Cybercrime Response Desk that will process real-time information on suspected cases, ensuring swift enforcement actions.
“We must take collective action against cybercrime. It threatens our most significant asset—our reputation—and compromises the integrity of our institutions,” Olukoyede urged.
He acknowledged criticisms suggesting that the EFCC focuses too much on internet crimes but defended the agency’s commitment to safeguarding Nigeria’s future.
“We cannot sit idly while our youths degenerate and our nation’s future hangs in the balance,” he concluded.
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