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Nigeria Lost Over $500 Million To Cybercrime In 2022— EFCC

Nigeria Lost Over $500 Million To Cybercrime In 2022— EFCC

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised the alarm over the dangers of cybercrime in Nigeria.

Olukayede, while speaking on Tuesday at a National Cybercrime Summit organised by the anti-graft agency, said Nigeria lost over $500 million to cybercrime in 2022.

“Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion,” the EFCC chief said in Abuja.

“As a matter of fact, the research I did earlier this year confirmed 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, cybercrime portend grave dangers to the entire world. Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrime.”

The chairman of the anti-graft agency said cybercrime accounts for a significant percent of all convictions recorded by the EFCC since his one year in office.“

These are the realities stalking the Commission’s fight against these crimes,” he said. “Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as

the Executive Chairman of EFCC.”

Olukoyede emphasised the need to redirect the talents and potential of young individuals, who are often involved in cybercrime, towards more positive and productive pursuits.

“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.”

He emphasised that combating cybercrime is a joint effort that cannot be solely entrusted to the EFCC.


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