The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyode, has raised concerns over the growing threat of cybercrime, warning that global losses could reach a staggering $10.5 trillion by 2025, with an estimated 2,328 cases reported daily.
Speaking at the National Summit on Cybercrime in Abuja, organized with support from the European Union-funded Rule of Law and Anti-Corruption (RoLAC II) Programme of the International IDEA, Olukoyode highlighted the impact of cybercrime on the EFCC’s operations. He noted that in the past year, the commission secured 3,455 convictions, with the majority linked to cybercriminal activities.
“Projections by multiple sources show that the global loss to cybercrimes may reach $10.5 trillion by 2025, with approximately 2,328 cases occurring daily. If left unchecked, these crimes pose a significant threat to the entire world,” he said. He also added that the EFCC had recovered and returned a significant portfolio of assets to both local and international victims of cybercrime.
The First Lady, Senator Oluremi Tinubu, also addressed the summit, expressing her concern over the growing involvement of youths in cybercrime, which she described as a threat to national stability and peace. “With young people making up about 60 percent of the population, their increasing involvement in cybercrime is a cause for concern and must be monitored,” she said.
Danladi Plang, Head of Programme at the International Institute for Democracy and Electoral Assistance (International IDEA), called for a shift in the approach to tackling cybercrime, suggesting that traditional methods of arrest, trial, and imprisonment may not be sufficient. He emphasized the need for alternative solutions that harness the technological skills of the youth for positive purposes, noting that the current situation has harmed Nigeria’s international reputation and posed a threat to its financial system.
Several Nigerian governors, including the Chairman of the Nigeria Governors’ Forum and Kwara State Governor, AbdulRahman AbdulRazaq, Katsina State Governor, Dikko Umar Radda, and Zamfara State Governor, Dauda Lawal, were present at the event and pledged their support for the EFCC’s efforts.
In his remarks, the Sultan of Sokoto, His Eminence Sultan Muhammad Sa’ad Abubakar III, urged young Nigerians to shun crime and participate in programs aimed at improving their livelihoods.
