EFCC Warns of Rising Cybercrime Threat in Nigeria, Reports $500 Million Loss in 2022

The Economic and Financial Crimes Commission (EFCC) has raised alarm over the growing threat of cybercrime in Nigeria, revealing that the country lost more than $500 million to cyberattacks in 2022. EFCC Chairman Ola Olukoyede issued this stark warning while speaking at a recent National Cybercrime Summit, where he emphasized the need for collective action to tackle this pressing issue.

Olukoyede expressed deep concern over the increasing sophistication of cybercriminal activities, which have impacted both Nigeria and the global community. During his address, he pointed out that cybercrime has grown to become the third-largest “GDP” in the world, with an average of 2,328 cases reported daily.

“The implications of this alarming trend are far-reaching. If left unchecked, cybercrime poses a grave threat to the entire world. In Nigeria, the financial toll has been substantial, with over $500 million lost in just one year,” said the EFCC chief.

Olukoyede also highlighted that cybercrime has been a significant focus for the EFCC, contributing to a large portion of the convictions the agency has secured in recent years. However, he acknowledged the challenges posed by the rapid evolution of cybercrime techniques, noting that many perpetrators are young Nigerians with advanced tech skills.

In response, the EFCC is taking proactive measures to redirect these talents towards legitimate and socially beneficial activities. The agency is advocating for young Nigerians to use their tech skills to innovate and contribute positively across sectors such as the creative industry, tech ecosystem, financial services, and even law enforcement.

“The fight against cybercrime is a collective effort. The EFCC cannot combat this threat alone. We need the support of all stakeholders, including government agencies, private organizations, and individuals, to raise awareness, strengthen cybersecurity measures, and foster a digital environment that is safe and secure for all,” Olukoyede concluded.

The EFCC’s call to action underscores the urgent need for greater collaboration and enhanced cybersecurity practices to protect Nigeria’s digital landscape from the escalating threat of cybercrime.