The Economic and Financial Crimes Commission (EFCC) says Nigeria lost more than $500 million to cybercrime in 2022, warning that the current wave portends a grave danger if left unchecked.
EFCC chairman Ola Olukoyede made this known on Tuesday in Abuja at the 2024 National Cybersecurity Summit with the theme: “Alternatives to Cybercrimes; Optimising Cyber Skills for National Development.”
Mr Olukoyede said cybercrime accounted for a significant percentage of the convictions recorded by the agency since his one year in office as the EFCC chairman. He noted that youth involvement in cybercrime was distorting and corrupting acceptable family values.
He, however, stated that there were plans to re-channel the energies of young people, who are mostly perpetrators of cybercrime.
Mr Olukoyede said the event was to expose young Nigerians with tech skills to the opportunities in various industries for legitimate wealth.
in his words,”Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion.
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“As a matter of fact, the research I did earlier this year confirmed that cybercrime has become the third largest GDP in the world, with approximately 2,328 cases occurring daily.
“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.
“These are the realities stalking the commission’s fight against these. Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC.”
Olukoyede added that the fight against cybercrime is a collective one that cannot be left alone for the EFCC.
“And that’s where it has become imperative to bring the state governors so that as we are tackling it at the federal level, sub-nationals will also have a role to play,” he said.
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