By 
By Osasome, C.O
In a major operation aimed at tackling the growing menace of internet fraud in Nigeria, the Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects. The arrested persons were linked to cryptocurrency investment fraud and romance scams. This landmark raid took place in December at the Big Leaf Building, a seven-story complex in Victoria Island, Lagos.
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Speaking during a press briefing on December 16, 2024, at the EFCC’s Lagos Zonal Directorate, the Executive Chairman of the Commission, Ola Olukoyede, revealed details of the operation through the agency’s Director of Public Affairs, Wilson Uwujaren.
Among the arrested individuals were 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian. These foreign nationals allegedly masterminded the operation. They use the facility as a training hub to coach their Nigerian accomplices in executing romance and investment scams. Their targeted victims are primarily in the United States, Canada, Mexico, and Europe.
How the Fraud Syndicate Operated
According to the EFCC, each floor of the building was equipped with high-end desktop computers. Investigators recovered 500 SIM cards from local telcos on the fifth floor alone, which were reportedly used for phishing activities.
The foreign syndicate leaders provided their Nigerian recruits with computers, mobile devices, and fake profiles. Their tasks is to lure unsuspecting victims via platforms such as WhatsApp, Instagram, and Telegram. Logs granting access to foreign communication lines were also provided, enabling the Nigerians to impersonate foreign nationals effectively.
One of the key tools used to defraud victims was a sham online investment platform, www.yooto.com, where activation fees started at $35. Nigerian accomplices were trained for two weeks to build trust with victims before handing them off to their foreign handlers. These handlers would then finalize the scam and block the Nigerians from further access to the network.
Despite their roles, the Nigerian recruits had minimal knowledge about their employers. They receive payment in cash or through personal accounts without formal appointments or employment letters.
EFCC’s Efforts to Tackle Internet Fraud
The EFCC noted that the operation was the culmination of months of surveillance and actionable intelligence. This raid underscores Nigeria’s commitment to addressing the scourge of internet fraud. Online crime has tarnished the nation’s reputation and hampered international trust in its digital economy.
The EFCC further disclosed that the investigation is ongoing to unravel the full extent of the scam. The anti-fraud agency is also working to determine potential ties to international fraud networks.
Context of the Operation
This major breakthrough comes in the wake of similar international efforts, such as Interpol’s dismantling of Black Axe. A notorious Nigerian cybercrime network, Black Axe is responsible for millions of dollars in global financial fraud. In 2022, Interpol reported how advancements in cryptocurrency and money-transfer technology have enabled cybercriminal syndicates to operate on a global scale.
EFCC Chairman Ola Olukoyede emphasized the importance of collective efforts, stating, “This operation is a testament to our resolve to disrupt criminal networks and restore integrity to Nigeria’s digital ecosystem. The fight against cybercrime is critical to the Nigerian government’s broader agenda of improving security and fostering economic growth.”
Impact on Nigeria’s Cybercrime Fight
This raid is a significant step in Nigeria’s efforts to clamp down on internet fraud, which has become a growing challenge with the rise of cryptocurrency and other digital technologies. It reflects the government’s determination to protect citizens and rebuild global confidence in Nigeria as a trustworthy player in the digital economy.
With continued surveillance and collaboration with international organizations, the EFCC aims to dismantle more cybercrime networks, ensuring a safer digital space for Nigerians and their global counterparts.
