Nigeria lost $500m to cybercrimes in 2022 – EFCC chairman

By John Ogunsemore

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said that Nigeria lost $500 million to cybercrimes in 2022 alone.

He said this while emphasising the “considerable” loss in Nigeria’s financial and reputational wealth to cybercrimes.

Olukoyede spoke at the Federal Capital Territory (FCT)’s Next Generation Engagement forum in Abuja on Tuesday.

The EFCC boss charged youths across the country to shun cybercrimes by replacing them with values obtainable on the internet.

According to him, value creation through the internet is a potent alternative to cybercrimes which youths can explore.

“I want to see a generation that will lead a new fight against corruption through value creation. If we have youths heating up the polity by their criminality, we should also have youths challenging them by their integrity. Let us eliminate cybercrimes through cyber values”, he said.

Olukoyede, who was represented by the Head, Enlightenment and Re-orientation Unit of the Commission, Aisha Muhammed, also stressed that youth are losing their sense of values and dignity due to internet fraud.

“Nigeria has lost considerable financial and reputational wealth to cybercrimes. In 2022 alone, Nigeria lost about $500m to the crime.

“The reputation issues we are having across the world are hideous.

“Besides, our youths are losing their sense of values and dignity to internet fraud. No world outlook that is focused on criminality can stand the test of time.

“Youths should redirect their focus to wealth creation through optimal use of their talents, acquired skills, useful emulation of strides of other youths around the world and development of novel innovations that can turn the world around,” he said.

Olukoyede called on Nigerian students to have a “Can-Do-It Philosophy,” adding that having a positive belief in themselves will help them make a difference in their endeavours.

“I charge you all to have a can-do-it philosophy.

“Believe that you can make a difference in a positive sense. Follow models that have impacted the world positively. Cultivate friendships with peers who have good vision. Use the internet to develop your good dreams.

“Don’t be attracted to easy wealth and always follow the instructions of the EFCC.’

Olukoyede disclosed, “At the EFCC, we have opportunities for value-driven youths through Integrity Clubs in Primary, Secondary Schools and Zero Tolerance Clubs in Tertiary Institutions.

“These platforms are value-building opportunities for youth. I urge all of you to join any of these clubs,” he said.

He also urged them to take the ‘Next Generation Project’ as a personal project, calling on them to embrace it.