The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 suspects involved in investment and cryptocurrency-related fraud.
The Commission’s Chairman, Ola Olukoyede, represented by the Director of Public Affairs, Wilson Uwujaren, disclosed this on Thursday in Abuja during a press briefing to mark his second anniversary in office.
Olukoyede revealed that the syndicate included 192 foreign nationals, who were arrested alongside their Nigerian counterparts and prosecuted for cyberterrorism and cryptocurrency fraud.
“Another notable arrest and prosecution was the case of 792 investment and cryptocurrency fraud suspects apprehended in a sting operation in Lagos in December 2024. The syndicate included 192 foreigners, who have since been prosecuted for cyberterrorism and cryptocurrency fraud and deported,” he stated.
He stressed that the arrests send a clear message that Nigeria will not serve as a safe haven for international cybercriminals.
“This development conveys the message that Nigeria will not tolerate foreigners turning it into a sanctuary for cybercrimes,” he said.
According to EFCC data, between October 2023 and September 2025, the agency received 19,318 petitions, conducted 29,240 investigations, filed 10,525 cases in court, and secured 7,503 convictions.
Olukoyede explained that these figures reflect the Commission’s intensified focus on complex financial crimes, including cyberfraud, investment scams, and money laundering.
He also disclosed that the EFCC secured the forfeiture of 1,502 real estate assets over two years — comprising 402 in 2023, 975 in 2024, and 125 so far in 2025.
Among the major forfeited properties are 753 duplex units in Lokogoma, Abuja, and Nok University, now renamed the Federal University of Applied Sciences, Kachia, in Kaduna State.
“The total forfeited real estate assets in two years is 1,502 properties,” Olukoyede said. “They include two notable recoveries — 753 duplex units in Lokogoma, Abuja, and the forfeiture of Nok University, now Federal University of Applied Sciences, Kachia.”
The EFCC chairman further disclosed that the Commission recovered ₦566.3 billion and various foreign currencies within the same period.
“Under my watch, the Commission recovered ₦566,319,820,343.40, $411,566,192.32, £71,306.25, €182,877.10, CAD $5,510.00, AUD $740.00, ¥89,859.00, ₹1,300.00, CFA 8,381,375.00, AED 70.00, SAR 310,265.00, GH₵225.00, R50.00, and ₩73,000.00,” he added.
Olukoyede reaffirmed the EFCC’s commitment to combating cyber-enabled crimes and recovering stolen assets to strengthen public trust and restore integrity to Nigeria’s financial system.
Over the past three years, Nigeria has witnessed a sharp rise in investment and cryptocurrency-related fraud, with victims losing billions of naira to online trading and digital asset scams that promise unrealistic returns and exploit social media to attract unsuspecting investors.