Nigeria lost over $500m to cybercrime in 2022 – EFCC

This was revealed today by the Chairman of the EFCC, Ola Olukoyede, during a National Cybercrime Summit organized by the agency.

Citing various projections, Olukoyede stated, “Global losses to cybercrime could potentially reach an astonishing $10.5 trillion.” He further noted, “Research I conducted earlier this year confirmed that cybercrime has grown to become the third largest ‘economy’ in the world, with about 2,328 cases occurring daily.”

He warned that if not addressed, cybercrime poses serious threats worldwide, adding, “In Nigeria alone, over $500 million was lost to cybercrime in 2022.”

Olukoyede also pointed out that cybercrime has been a major focus of the EFCC, representing a large share of the agency’s convictions.

“In my first year as Chairman, cybercrime accounted for a significant portion of the 3,455 convictions secured by the EFCC,” he said.

He further emphasized plans to redirect the talents of young Nigerians, who are often involved in cybercrime, towards more productive ventures.

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

“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.

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

Olukoyede stressed that the fight against cybercrime requires collective effort and cannot be handled by the EFCC alone.