The Economic and Financial Crimes Commission (EFCC) has raised alarm over the increasing prevalence of cybercrime in Nigeria, revealing that the country lost more than $500 million to these illegal activities in 2022.
The warning was delivered by EFCC Chairman, Ola Olukoyede, during the 2024 National Cybersecurity Summit themed “Alternatives to Cybercrimes; Optimizing Cyber Skills for National Development,” which was organized by the EFCC with support from the EU-funded Rule of Law and Anti-Corruption (RoLAC-Phase II) Programme of the International Institute of Democracy and Electoral Assistance (International IDEA).
During his address, Olukoyede highlighted the severe financial impact of cybercrime in Nigeria.
“Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrime.”- Olukoyede noted.
He further emphasized the repercussions of these crimes on the country’s judicial system, noting, “Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by the EFCC during my first year as Executive Chairman.”
He highlighted the global implications of cybercrime, stating, “Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion.”
He further emphasized the alarming frequency of cyber offenses, noting 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.”
Recognizing that many cybercrime offenders are young people, Olukoyede announced plans to redirect their energies toward constructive endeavours. “First, there is an alternative of creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud,” he noted.
Olukoyede urged a collaborative approach to tackle cybercrime, stressing that it should not rest solely with the EFCC. He highlighted the need for state governors to participate actively in combating cybercrime.
He further noted the detrimental effects of youth involvement in cybercrime on societal values, stating, “The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations and technological innovations.”
In a call for a paradigm shift, Mr. Danladi Plang, Head of the Programme at International IDEA, suggested that traditional methods of addressing cybercrime arrest, trial, conviction, and imprisonment—should be reconsidered.
He advocated for alternative strategies to harness the skills and energies of youth, saying, “We need to rethink how we can channel the energies of youth and their skills in the use of technology.”
As Nigeria grapples with the pervasive threat of cybercrime, the United States has established a special office at its embassy in Abuja to strengthen cybersecurity efforts in Nigeria.
This effort aims to improve the detection, investigation, and prosecution of cybercrimes, thereby strengthening Nigeria’s capacity to tackle this evolving threat.