The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed that Nigeria lost more than $500 million to cybercrime in 2022.
Speaking at the National Summit on Cybercrime, held on Tuesday at the Banquet Hall, State House in Abuja, Olukoyede highlighted the growing threat of cybercrime, noting that it is now the third-largest economy in the world. According to him, an estimated 2,328 cybercrime incidents occur every day globally, and the total loss could reach $10.5 trillion by 2025.
Olukoyede expressed concern about the rising involvement of young people in cybercrime, pointing out that this pursuit of quick riches has shifted their focus away from legitimate enterprise, intellectual innovation, and technological development.
He also announced the EFCC’s plans to establish a Cybercrime Response Desk, which will handle real-time reports of suspected cybercrime activities, enabling swift enforcement actions to curb these crimes.
In his speech, Olukoyede said, “The menace of cybercrime, like many other economic and financial crimes, is a serious issue that cannot be ignored. The impact on both individuals and the nation as a whole is significant.”
He added that youths’ participation in cybercrime is eroding family values and distorting their potential for meaningful intellectual and technological pursuits.
Citing various projections, Olukoyede emphasized the global nature of the threat, stating that “by 2025, global losses to cybercrime could reach $10.5 trillion, with over 2,300 incidents occurring each day.” He also noted that “cybercrime has effectively become the third-largest GDP in the world.”
Olukoyede further stressed that if left unchecked, cybercrime poses a grave threat to global security, particularly in Nigeria, where the country lost more than $500 million in 2022 alone.
He pointed out that cybercrime is a significant focus for the EFCC, contributing heavily to the 3,455 convictions secured by the agency under his leadership. Additionally, the Commission has recovered a substantial number of valuable assets from cybercriminals, which have been returned to both local and international victims.
Addressing criticism that the EFCC is overly focused on fighting internet crimes, Olukoyede defended the Commission’s efforts, saying, “Cybercrime jeopardizes our nation’s most critical asset—its reputation and economic stability. The financial losses experienced by the banking and financial sectors over the past three years due to cybercrime are alarming.”
He concluded by urging collective action, asserting, “We cannot sit back and watch our institutions be compromised and our youths fall into decay. The future of Nigeria must not hang in the balance—we must fight cybercrime together.”
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