The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has voiced concerns over the growing menace of cybercrime in Nigeria. Speaking at a cybercrime summit organized by the EFCC, Olukoyede emphasized the significant financial losses caused and the need to tackle cybercrime. He highlighted that during his first year in office, cybercrime accounted for the bulk of the 3,455 cases recorded. In 2022 alone, cybercrime cost the country $500 million.
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Olukoyede also provided a global perspective on the issue, citing research that projected global losses to cybercrime could reach $10.5 trillion. He noted, “Cybercrime has now become the third-largest crime globally, with around 2,328 cases occurring daily.”
The EFCC Chairman underscored the need to tackle cybercrime, stating that failure to do so would pose significant global threats. The commission has recovered several valuable assets from cybercrime perpetrators, which have been returned to both local and international victims.
Strategies to Combat Cybercrime
Olukoyede shared the EFCC’s ongoing initiatives to tackle cybercrime. One of the key strategies is establishing a Cybercrime Research Centre in collaboration with a Nigerian fintech company. The center will train 500 young Nigerians at a time in cybersecurity and cybercrime research, providing them with skills to counteract cyber threats.
In addition to this, the EFCC has set up a Rapid Response Desk to handle cybercrime complaints more efficiently. This desk is expected to streamline the process of reporting and responding to cybercrime incidents across the country.
At the summit, Minister of State for Youths, Ayodele Olawande, urged Nigerian youths to steer clear of cybercrime. He advocated for more creative initiatives to engage young people, emphasizing that merely arresting cybercriminals won’t be enough. Instead, proactive programs and ideas that promote positive behavior among the youth should be prioritized.
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Kwara State Governor AbdulRahman AbdulRazaq, who also chairs the Nigeria Governors’ Forum, expressed support for the EFCC’s efforts. He praised the agency’s collaboration with the National Orientation Agency and schools to reshape the mindset of young Nigerians about crime and patriotism.
Danladi Plang, Head of International IDEA, identified the rapid growth of technology as a key driver behind the rise in cybercrime. He emphasized that Nigeria’s tech-savvy youth often misuse their skills in financial crimes, which not only tarnishes the country’s reputation but also threatens its financial systems.
In closing, Plang urged for more strategic approaches in tackling cybercrime, suggesting that arrests and convictions alone are not enough. Instead, comprehensive programs aimed at addressing the root causes of cybercrime should be prioritized.
