Cybercrimes Epidemic: EFCC Boss Sounds Alarm Bell, Calls For Action

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede, on Tuesday warned that cybercrime poses grave dangers globally and nationally, urging collective action.

The EFCC boss made the call at the opening ceremony of the Commission’s National Cybercrime Summit at the State House Conference Centre, Abuja, emphasizing the devastating impact of cybercrime on Nigerian youth, eroding traditional values and promoting get-rich-quick mentality.

Speaking at the summit with the theme: “Alternatives to cybercrime: Optimising cyber skills for National Development”, Olukoyede noted that global cybercrime losses have been projected to reach $10.5 trillion, ranking it the world’s third-largest economy, with approximately 2,328 daily cases.He said Nigeria has suffered significantly, losing over $500 million to cybercrime in 2022, even as the EFCC recorded 3,455 convictions in the past year, with a substantial portion attributed to cybercrime.

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Olukoyede addressed concerns about the EFCC’s focus on internet crimes, reaffirming cybercrime’s threat to Nigeria’s reputation, economic well-being and key assets.

The EFCC chairman stressed the importance of engaging state governors in tackling cybercrime at all levels.”This time around, we are not only interrogating the problems, we are aggregating workable solutions to it. What alternative do we have for our youth? 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.

The enormity of challenges posed to us as individuals and as a country by cyber crimes are grievous as individuals. Youth involvement in these crimes is distorting and corrupting acceptable family values.

The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations and technological innovations.

He also said the commission recovered significant assets for local and foreign victims.