The Economic and Financial Crimes Commission (EFCC) has raised concerns about the rising threat of cybercrime, revealing that Nigeria lost over $500 million to such activities in 2022.
This was disclosed by the agency’s Chairman, Ola Olukoyede, during a National Cybercrime Summit held on Tuesday.
“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, cybercrimes portend grave dangers to the entire world. Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrime.”
He said cybercrime accounts for a significant percent of the convictions recorded by the agency since his one year of resuming as the chairman of the EFCC.
“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.”
But Olukoyede said there are plans to rechannel the energies of young people who are mostly perpetrators of cybercrime.
“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.”
According to him, the fight against cybercrime is a collective one that cannot be left alone for the EFCC.