Nigeria Lost Over $500 Million to Cybercriminals in One Year – EFCC

The Economic and Financial Crimes Commission (EFCC) has disclosed that Nigeria lost more than $500 million to cybercrime in 2022, highlighting the growing impact of online fraud on the nation's economy.

EFCC Chairman, Ola Olukoyede, made the disclosure on Tuesday at the commission’s headquarters in Abuja during a courtesy visit by the Managing Director of the Consumer Credit Corporation (CREDICORP), Uzoma Nwagba.

According to Olukoyede, poverty and limited access to education are among the major factors driving many young Nigerians into cybercrime. He noted that several suspects arrested for internet-related offences revealed during investigations that they turned to crime because they could not afford to pursue higher education.

“In 2022 alone, we lost over $500 million to the activities of cybercriminals, most of whom are young people who are supposed to be in school. We are not just interested in sending them to jail,” he said.

He added that many of the suspects expressed a desire to continue their education but lacked the financial means to do so. According to him, this reality inspired support for the Nigerian Education Loan Fund (NELFund), which was established to help students access funding for higher education.

Speaking on corruption in the public sector, the EFCC chairman said many civil servants face mounting financial pressures, making it increasingly difficult to meet basic needs such as housing, transportation, children's education, and food.

Olukoyede argued that providing workers with access to affordable mortgages and long-term consumer loans would ease financial burdens and reduce the temptation to engage in corrupt practices.

He emphasized that addressing the economic challenges faced by citizens, alongside strengthening law enforcement, is essential to tackling both cybercrime and corruption in Nigeria.