Nigeria Loses $706 Million to Cybercrimes as EFCC Takes Strong Measures to Safeguard Economy
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Nigeria incurred significant losses of $706 million to cybercrimes, as reported by the Economic and Financial Crimes Commission (EFCC). In an effort to protect the national currency, the naira, the newly appointed EFCC Chairman, Ola Olukoyede, stated that the Commission has taken action by freezing more than 300 bank accounts. These measures were announced during a press briefing in Abuja, where Olukoyede referred to a 2022 report from the Nigerian Communications Commission (NCC) that highlighted a loss of ₦8 billion incurred by Nigerian banks due to cybercrimes alone. Furthermore, it was revealed that Nigeria experiences an annual loss of $500 million to cybercrimes.
Highlighting the recent surge in foreign exchange rates, Olukoyede underscored the Commission’s commitment to combating corruption, financial wrongdoing, and promoting economic growth. To this end, the EFCC has intervened in forex manipulation and implemented measures to safeguard the naira, such as the freezing of over 300 accounts. The Chairman also outlined plans for comprehensive reforms aimed at preventing the embezzlement of government resources, emphasizing the importance of investigating government processes and procedures.
EFCC Boss Reveals Alarming Cybercrime Statistics: Nigerian Banks Suffer ₦8 Billion Loss, Country Accounts for 60% of Global Cybercrime
According to reports, the EFCC boss referred to the NCC’s 2022 report, which indicated that Nigerian banks suffered a ₦8 billion loss in the previous year due to cybercrimes. He further mentioned that the Commission eagerly awaits the release of the 2023 report. In addition, Olukoyede highlighted that a staggering 71 percent of the country’s industries experienced cyber-attacks in 2022, resulting in Nigeria accounting for 50 percent of Africa’s share and 60 percent of global cybercrime between 2018 and 2021, as per FBI data.
Overall, Nigeria’s financial losses to cybercrimes have reached a significant amount of $706 million. The EFCC, under the leadership of Ola Olukoyede, is taking decisive action to address this issue by freezing bank accounts and implementing reforms to combat corruption and safeguard the nation’s economy. The impact of cyber-attacks on Nigerian banks and industries is substantial, underscoring the urgent need for robust measures to mitigate cybercrime and protect the country’s financial infrastructure.
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Cybercrime roots in Nigeria has gotten too deep, it takes more than this to halt it.
All this money EFCC is seizing, where is it going? 🤔
The EFCC should get to work as to cub every forms of Cyber crime cause it’s keeps increase everyday.
Employment opportunities should be created as to help in the reduction of Cyber crime.