The Economic and Financial Crimes Commission (EFCC) has said that Nigeria lost more than 500 million dollars to cybercrime in 2022.
The commision also warned that if unchecked, the current cybercrime wave portended a grave danger.
This was disclosed by the EFCC chairman, Ola Olukoyede at the 2024 National Cybersecurity Summit themed, “Alternatives to Cybercrimes; Optimizing Cyber Skills for National Development”.
He said a recent research he conducted showed that cybercrime has become the third largest GDP in the world with approximately 2,328 cases occurring daily.
The event was organised by EFCC with the support of the EU-funded Rule of Law and Anti-Corruption (RoLAC-Phase II) Programme of the International Institute of Democracy and Electoral Assistance (International IDEA).
His words, “Projections by multiple sources show that the global loss to cybercrimes may reach a staggering 10.5 trillion dollars.
“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 dollars to cybercrime,” he said.
Mr Olukoyede said cybercrime accounted for a significant percentage of the convictions recorded by the agency since his one year in office as the chairman of the EFCC.
“These are the realities stalking the commission’s fight against these crimes.
“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.
He, however, said there were plans to re-channel the energies of young people, who are mostly perpetrators of cybercrime.
“First, there is an alternative of creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud.
“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, your lens,” he said.
According to him, the fight against cybercrime is a collective one that cannot be left alone for the EFCC.
