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By John Ogunsemore
The Economic and Financial Crimes Commission (EFCC) has secured 3,455 convictions and made over N248,750,049,365.52 in monetary recoveries from October 2023 to September 2024.
This was disclosed in a documentary played at the unveiling of a 24- hour Cybercrime Rapid Response Desk in Abuja on Tuesday, October 22.
The unveiling was a highlight of the National Cybercrime Summit organised by the EFCC with support of the Rule of Law and Anti- Corruption (RoLAC) Programme, European Union and International IDEA.
The documentary captured the activities of the EFCC in the last one year under the leadership of Executive Chairman, Ola Olukoyede.
The documentary showed that the EFCC secured 3,455 convictions and made monetary recoveries of
N248,750,049,365.52; $105,423,190.39 (dollars); £ 53,133.64 (pounds); €172,547.10 (euros); T1,300.00 (Indian Rupees); CAD$ 3,400.00 (Canadian dollars); ¥74,859:00 (Chinese Yuan); AUS $ 740 (Australian Dollars); 170 UAE DIRHAM; 73,000 KOREAN WON; CFA 7,821,375 (West African CFA) to R50 (South Africa Rands).
Meanwhile, the commission said it unveiled the response desk in its determination to break the criminal networks and damage associated with internet fraud across the country.
The unveiling, which was done at the Banquet Hall, Presidential Villa, Abuja by First Lady, Senator Oluremi Tinubu, First Lady was envisioned to bring up digital and accelerated information transmission on internet fraud from the public and aid seamless response from the commission.
The EFCC said the response desk is provided with both local and international telephone numbers through which the commission can be reached on a 24-hour basis on matters relating to cybercrime in Nigeria and across the globe.
Speaking in a keynote address following the unveiling, Mrs Tinubu noted that the theme of the summit resonated deeply with the current challenges cybercrime posed not only in Nigeria but across the globe.
According to her, “Cybercrime is not a crime against individuals and businesses. It is an assault on our collective integrity, economic stability and the future of our youth”.
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She praised the EFCC for devotedly seeking solution to the lingering menace.
Mrs Tinubu stated that Nigeria was confronted with the reality of the dangers and new vulnerabilities the digital age are posing to humanity.
“It is therefore crucial that we address these challenges head on and explore not only the harmful consequences of cybercrimes but also the sustainable alternatives that can redirect our youths towards productive and positive endeavours.
“With young people accounting for more than 60 per cent of our population, the involvement of youths in cybercrime is a threat to the nation’s quest for economic stability,” she said.
Executive Chairman of the EFCC, Ola Olukoyede observed that “the menace of cybercrimes, like most economic and financial crimes, is a burning challenge that we cannot deny, ignore or wish away.”
The national discourse on cybercrime, the EFCC boss said, was necessitated by “the overarching need for us to articulate opinions and build greater strength against the scourge of cybercrimes. This time around, we are not only interrogating the problem, we are aggregating workable solutions to it.”
Olukoyede observed that “The enormity of challenges posed to us as individuals and nation by cybercrimes are grievous. As individuals, youths’ 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.”
In financial terms, Olukoyede stated that 2,328 cases of cybercrime occur daily globally with a global loss projected to hit $10.5 trillion by 2025.
“Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion by 2025, with approximately 2,328 cases occurring daily. The implication of all these is that, if left unchecked, cybercrimes portend grave dangers to the entire world. These are the realities stoking the Commission’s fight against these crimes.”
