The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the growing presence of organized foreign fraud syndicates in Nigeria, warning that these criminals are setting up operational cells in major cities and recruiting young Nigerians into cybercrime, including cryptocurrency fraud.
A statement released on Wednesday by the EFCC’s Head of Media and Publicity, Dele Oyewale, revealed that Olukoyede made these remarks while addressing participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS) in Abuja.
Foreign Criminal Networks and Cyber Fraud
Olukoyede disclosed that recent EFCC investigations revealed alarming trends, including:
- The infiltration of foreign cybercrime syndicates into Nigerian cities.
- The use of cryptocurrency for illicit transactions, including illegal arms importation.
- The presence of ex-convicts from other countries who have taken refuge in Nigeria and other African nations.
He cited a recent EFCC raid in Lagos, where 194 foreign nationals were arrested in Victoria Island, including Chinese, Filipinos, Eastern Europeans, and Tunisians. Many of them lacked valid visas, and their financial activities were linked to cryptocurrency transactions.
Connection Between Cybercrime and National Security Threats
Olukoyede also linked these fraudulent activities to national security threats, including:
- The continuous flow of small arms and light weapons across Nigerian borders.
- The financing of bandits and insurgents through illegal channels.
- The exploitation of Nigeria’s mineral resources by foreign criminal networks.
He stressed that Nigeria and Africa must take urgent action to combat the spread of these criminal groups, urging security agencies to work together to prevent money laundering and foreign infiltration.
Crackdown on Non-State Actors and NGOs
Olukoyede noted that non-state actors, including some international NGOs, have played a role in worsening Nigeria’s security challenges. He highlighted that the EFCC now requires all NGOs operating in the Northeast to register with the Special Control Unit Against Money Laundering (SCUML) and report cash movements within the region.
Commendation from Security Experts
Speaking at the event, NISS Commandant Joseph Obule Odama, represented by Hyginus Ngele, commended the EFCC’s achievements in combating corruption, money laundering, and financial crimes under Olukoyede’s leadership.
He also acknowledged the EFCC’s investigative efforts in exposing financial networks that fund terrorism and instability across Africa.
The EFCC chairman reaffirmed the Commission’s commitment to eradicating cybercrime, tackling foreign fraud networks, and strengthening Nigeria’s financial security.
