How we lost over $500million to cybercrime in 2022---EFCC Boss

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede, on Tuesday warned that cybercrime poses grave dangers globally and nationally, urging collective action.

The EFCC boss made the call at the opening ceremony of the Commission’s National Cybercrime Summit at the State House Conference Centre, Abuja, emphasizing the devastating impact of cybercrime on Nigerian youth, eroding traditional values and promoting get-rich-quick mentality.

Speaking at the summit with the theme: “Alternatives to cybercrime: Optimising cyber skills for National Development”, Olukoyede noted that global cybercrime losses have been projected to reach $10.5 trillion, ranking it the world’s third-largest economy, with approximately 2,328 daily cases. 

He said Nigeria has suffered significantly, losing over $500 million to cybercrime in 2022, even as the EFCC recorded 3,455 convictions in the past year, with a substantial portion attributed to cybercrime. 

He also said the commission recovered significant assets for local and foreign victims.

Olukoyede addressed concerns about the EFCC’s focus on internet crimes, reaffirming cybercrime’s threat to Nigeria’s reputation, economic well-being and key assets.

The EFCC chairman stressed the importance of engaging state governors in tackling cybercrime at all levels.”This time around, we are not only interrogating the problems, we are aggregating workable solutions to it. What alternative do we have for our youth? And that’s where it has become imperative to bring the state governors so that as we are tackling it at the federal level, sub nationals will also have a role to play. 

“The enormity of challenges posed to us as individuals and as a country by cyber crimes are grievous as individuals. Youth involvement in these crimes is distorting and corrupting acceptable family values. The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations and technological innovations. 

“Projections by multiple sources show that the global loss to cyber crimes may reach a staggering $10.5 trillion, as a matter of fact, the research I did earlier this year confirmed that cyber crime has become the third largest GDP in the world, with approximately 2328 cases recorded daily. 

“The implication of all this is that, if left unchecked, cyber crimes portend grave dangers to the entire world. 

“Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cyber crimes. These are the realities stalking the Commission’s fight against these crimes. Cyber Crime accounts for a significant percentage of the 3455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC. 

“A significant portfolio of choice assets have also been recovered and returned to both local and foreign victims of cyber crimes by the Commission. We are not oblivious of insinuations and misconception in some quarters that the commission is concentrating its operational works on the fight against internet crimes.

“While this narrative is not really true, the fact remains that cyber crime threatens the nation’s most significant assets, its reputation and economic well being”, he said.