The Economic and Financial Crimes Commission (EFCC) has expressed concerns over the growing threat of cybercrime, revealing that Nigeria suffered a loss of over $500 million in 2022 alone.Â
This disclosure was made during a recent National Cybercrime Summit in Abuja, where the agency’s Chairman, Ola Olukoyede, shared insights on the matter.
Cybercrime’s global reach is expanding rapidly, with projections indicating that losses worldwide could climb to $10.5 trillion.
Research has identified cybercrime as a major global economic force, ranking as the third largest GDP.
Nigeria has not been exempt from this trend, experiencing thousands of cases each day that have significantly impacted its economy.
The EFCC has intensified efforts to combat cyber-related offenses, leading to thousands of convictions.
Over the past year, cybercrime has accounted for a large portion of the agency’s successes, with 3,455 convictions recorded since Olukoyede took charge.
As part of its strategy, the EFCC aims to redirect the skills of young individuals involved in cyber activities toward positive and legal pursuits.
Opportunities in sectors like technology, finance, medical services, and law enforcement are being highlighted to show potential alternatives for legitimate income generation.
The agency emphasized the need for a united effort, indicating that tackling cybercrime requires collaboration beyond the EFCC’s efforts alone.
