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Nigeria lost over $500m to cybercrime in 2022, warns EFCC Chief at cybersecurity summit
The Economic and Financial Crimes Commission (EFCC) has revealed that Nigeria suffered losses exceeding $500 million due to cybercrime in 2022. EFCC Chairman Ola Olukoyede disclosed the alarming figure during the 2024 National Cybersecurity Summit in Abuja. The theme of the event was “Alternatives to Cybercrimes: Optimizing Cyber Skills for National Development.”
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Olukoyede highlighted the growing global threat of cybercrime, which is estimated to result in losses reaching $10.5 trillion worldwide. He noted that approximately 2,328 cybercrime cases are reported daily across the globe. This makes it one of the world’s most significant criminal economies.
“Cybercrime has emerged as the third-largest economy in the world based on GDP estimates. The implications of this are dire if the current trends continue unchecked,” he warned. “In Nigeria alone, we lost more than $500 million to cybercrime in 2022.”
Rising Cybercrime Threats and EFCC’s Efforts
Cybercrime accounted for a significant proportion of the 3,455 convictions secured by the EFCC over the past year. He pointed out that tackling cybercrime remains a critical challenge for the commission, with many suspects being implicated in digital fraud schemes.
“These figures reflect the realities we face in combating cybercrime in Nigeria. It poses a significant threat to our national security and economic stability,” he added.
Call for Collective Action Against Cybercrime
While the EFCC continues its crackdown on cybercriminals, Olukoyede and other experts at the summit stressed the need for a multi-faceted approach to combat cybercrime effectively. Several governors and cybersecurity specialists at the event advocated for alternative strategies beyond arrests to curb the rising tide of digital crime. One of the speakers at the event was the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi. He delivered a paper titled “Alternative to Cybercrimes”.
“The fight against cybercrime cannot be undertaken by the EFCC alone,” Olukoyede stated. “We need collaboration from all stakeholders, including government agencies, private organizations, and citizens, to boost cybersecurity awareness. [This is also important to] implement robust digital security measures, and foster a safe online environment for everyone.”
The EFCC’s appeal underscores the urgency of implementing nationwide cybersecurity initiatives to address the growing menace and prevent further economic losses.
