Nigeria suffers massive $500M cybercrime loss in 2022 – EFCC boss

BUSINESS DAY NG
…Says cybercrime world third-largest economy

Nigeria lost over $500 million to cybercrime in 2022, Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC) has said.

Speaking at a national cybercrime summit in Abuja on Tuesday, Olukoyede highlighted the alarming financial toll cybercrime has taken on the country, emphasising its negative impact on the economy and the nation’s global reputation.

He called for strongcybercer collective action and cooperation between federal and state governments to combat this growing threat.

The EFCC also revealed that it secured more than 3,400 convictions over the past year.

According to the anti-graft agency, a large portion of these convictions were related to cybercrime, which has become a growing concern in Nigeria.

While highlighting the devastating impact of cybercrime on Nigerian youth and society, Olukoyede warned of the grave dangers posed by cybercrime globally and within Nigeria.

With the summit themed “Alternatives to cybercrime: Optimising cyber skills for national development,” the EFCC boss stressed how cybercrime erodes traditional values, promoting a get-rich-quick mentality among young people.

He also emphasised the broader economic implications, citing global projections that estimate cybercrime losses could reach $10.5 trillion, making it the third-largest economy in the world, with an estimated 2,328 cases occurring daily.

“Nigeria has suffered immensely from cybercrime, with losses amounting to over $500 million in 2022 alone,” Olukoyede revealed.

The EFCC boss also said that the agency recovered significant assets from both local and international victims of these crimes.

He further addressed concerns about the EFCC’s focus on internet crimes, reaffirming that cybercrime poses a severe threat to Nigeria’s reputation, economic stability, and key assets.

He underscored the importance of a collaborative approach, particularly engaging state governments, to address the problem at all levels.

“This time, we are not only identifying the problems but also aggregating workable solutions. What alternatives do we offer our youth? It’s imperative to involve state governors so that as we tackle the issue federally, sub-nationals also play a critical role,” he said.