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The Economic and Financial Crimes Commission’s <a href="https://www.efcc.gov.ng/efcc/" target="_blank" rel="noreferrer noopener">(EFCC)</a> Chairman, Ola Olukoyede, has expressed concerns about the rise of cybercrime in the nation and the attending cost. He raised the issue during a cybercrime summit organized by the agency on Tuesday. 
According to the EFCC boss, cybercrime accounted for the larger share of 3,455 cases recorded during his first year in office. He added that $500m was lost to the scourge in 2022. 
Olukoyede shared data on the rising global loss to cybercrime. “Projections by multiple sources show that the global loss to cybercrime may reach a staggering $10.5tn“, he said. “The research I did earlier this year confirmed that cybercrime has become the third largest crime in the world with approximately 2,328 cases occurring daily”, the anti-corruption chief concluded. 
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 <img loading="lazy" decoding="async" width="650" height="350" src="https://technext24.com/wp-content/uploads/2024/10/images-8-1.jpeg" alt="EFCC Chairman, Olukoyede " class="wp-image-238027">
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 EFCC Chairman, Ola Olukoyede 
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The EFCC Boss again stressed the implication of the widespread crime and mentioned that assets recovered had been returned to cybercrime victims.&nbsp; 
“The implication of all this is that if left unchecked, cybercrimes pose grave dangers to the entire world. A significant portfolio of choice assets has also been recovered and returned to both local and foreign victims of cybercrimes by the commission.” 
<h4 id="strategies-for-intervention-in-cybercrime" class="wp-block-heading">Strategies for Intervention in Cybercrime</h4> 
As part of the implementation to curb cybercrime, Olukoyede shared EFCC’s ongoing plans. He highlighted that the agency is building a cybercrime research centre. 
“We are putting up a Cybercrime Research Centre in collaboration with one of the fintechs in Nigeria. The centre will take a minimum of 500 young Nigerians at a time and train them in cyber security and all areas of cybercrime research so that we’ll be able to make something out of them,” he added. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="800" height="454" src="https://technext24.com/wp-content/uploads/2018/09/EFCC-Operatives.jpg" alt="After months of worries, Nigeria's suspension from the Egmont Group has finally been lifted." class="wp-image-10531" srcset="https://technext24.com/wp-content/uploads/2018/09/EFCC-Operatives.jpg 800w, https://technext24.com/wp-content/uploads/2018/09/EFCC-Operatives-380x216.jpg 380w, https://technext24.com/wp-content/uploads/2018/09/EFCC-Operatives-550x312.jpg 550w, https://technext24.com/wp-content/uploads/2018/09/EFCC-Operatives-760x431.jpg 760w, https://technext24.com/wp-content/uploads/2018/09/EFCC-Operatives-600x341.jpg 600w, https://technext24.com/wp-content/uploads/2018/09/EFCC-Operatives-300x170.jpg 300w, https://technext24.com/wp-content/uploads/2018/09/EFCC-Operatives-768x436.jpg 768w" sizes="(max-width: 800px) 100vw, 800px">
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Olukoyede also informed that a Rapid Response Desk has been established which shall receive various cybercrime complaints.&nbsp; 
<h4 id="stakeholders-reactions-call-for-more-initiatives" class="wp-block-heading">Stakeholders Reactions, Call for More Initiatives</h4> 
In the same vein, the Minister of State for Youths, Ayodele Olawande, encouraged Nigerian Youths to stay clear of cybercrimes. He called for more initiative in combating the crime other than arrests. 
“It’s not about the bombardment of houses, doing all this stuff and all that. It’s bringing up initiatives, ideas that will encourage a lot of young people,” Olawande said. 
In response to the EFCC Chairman’s call for support, Kwara State Governor and Chairman of the Nigeria Governors’ Forum, AbdulRazaq AbdulRahman, pledged allegiance in the fight against cybercrimes. 
He said, “I am impressed with what the EFCC, and the National Orientation Agency, amongst others, are already doing in the new media and in our basic schools to reshape the minds of our young people on the issues of crime, drug abuse, and patriotism. 
“This effort should be taken to another level so that we may have a national consensus. You have our support in this regard.” 
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 <img loading="lazy" decoding="async" width="702" height="400" src="https://technext24.com/wp-content/uploads/2022/10/Online-hacking-Cyber-fraud.jpeg" alt="Kaspersky prevents about 300,000 attacks on IoT devices in sub-Saharan Africa, provides safety tips for users" class="wp-image-160201">
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The Head of International IDEA, Danladi Plang, had tagged the pace of technology as the main cause of cybercrimes’ increasing figures. He expressed that tech has been manipulated by youths, posing threats to financial institutions.&nbsp; 
“Nigeria has a very youthful population, which is versatile in the use of technology. This skill has been used negatively in various forms, including in digital financial crime. This has not only given the country a bad name internationally but also a significant threat to the country’s financial system and increased crimes against the person, including child pornography.” 
He again stated that to fight cybercrime, there’s a need for more strategic implementation. “While we acknowledge the effort made by the EFCC and other law enforcement agencies in fighting cybercrime, perhaps we need to rethink our traditional approach of arrest, trial, conviction, and imprisonment in fighting crime,” Plang said. 
<h4 id="governors-suit-against-efcc" class="wp-block-heading">Governors’ Suit Against EFCC</h4> 
Meanwhile, in reaction to the recent <a target="_blank" href="https://www.vanguardngr.com/2024/10/supreme-court-hears-16-state-governors-suit-challenging-efccs-establishment-act/" rel="noreferrer noopener">suit</a> against EFCC by some Nigerian Governors, Zamfara State Governor, Dauda Lawal, while speaking during the summit, said he wasn’t aware of the suit. 
“I’m hearing this for the first time about the suit, and that’s the truth. So I don’t know what it contains. I can’t comment on that.” 
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 <img loading="lazy" decoding="async" width="800" height="400" src="https://technext24.com/wp-content/uploads/2023/11/Untitled-design-2023-11-28T105148.281.png" alt="Forex crisis: EFCC to freeze 1,146 bank accounts suspected of illicit transactions following court approval" class="wp-image-221816">
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He expressed that regardless of the suit, he is committed to extending support to EFCC. “My coming here is to also give my support to the commission, especially in a time like this when Nigeria is facing so many negative challenges to do with cybercrime. 
“So this is a very good opportunity, and I believe this is the way forward so that we can redeem the image of Nigeria in the comity of nations. What will you do as a governor to see that cybercrime is eradicated? We are ready to support the EFCC.” 
<a href="https://technext24.com/?s=Efcc#google_vignette" target="_blank" rel="noreferrer noopener">Also Read: Two weeks after SEC’s approval to exchanges, EFCC freezes N548m crypto funds on ByBit, KuCoin, others</a>
The post <a href="https://technext24.com/2024/10/23/cybercrime-500m-annual-loss-efcc-boss/">EFCC boss says $500m lost to Cybercrime in 2024, announces training centre for youths</a> first appeared on <a href="https://technext24.com">Technext</a>.

EFCC boss says $500m lost to Cybercrime in 2024, announces training centre for youths

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