The Economic and Financial Crimes Commission (EFCC) has raised concerns over the growing threat of cybercrime, revealing that Nigeria lost over $500 million to such activities in 2022.
This was disclosed by the EFCC Chairman, Ola Olukoyede, during a National Cybercrime Summit organized by the commission on Tuesday.
Speaking at the event in Abuja, Olukoyede highlighted the global impact of cybercrime, stating, “Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion.”
He further emphasized the scale of the issue, noting that "research conducted earlier this year confirmed that cybercrime has become the third largest 'GDP' in the world, with approximately 2,328 cases occurring daily.”
The EFCC chairman warned of the serious risks posed by cybercrime if not addressed.
“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 stated.
Olukoyede also noted that cybercrime contributes significantly to the convictions recorded by the EFCC since he assumed the role of chairman a year ago.
“Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC,” he said, underscoring the scale of the challenge the agency faces.
However, Olukoyede outlined plans to redirect the talents of young people, who are often involved in cybercrime, towards more productive endeavours.
He proposed alternatives that could harness their skills for positive outcomes.
“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 audience.
He emphasized the goal of the summit, explaining, “Today’s event is tailored towards exposing young Nigerians with strong tech skills to the opportunities that abound 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.”
Olukoyede stressed that the fight against cybercrime requires a collective effort and cannot be left to the EFCC alone, calling on all stakeholders to join in combating this growing menace.
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