The Economic and Financial Crimes Commission (EFCC) has uncovered a troubling rise in international fraud syndicates establishing operations in Nigeria, recruiting local youths into sophisticated cybercrime networks, including cryptocurrency-related fraud.
EFCC Chairman, Ola Olukoyede, made this revelation while addressing participants of the Executive Intelligence Management Course (EIMC) 18 from the National Institute for Security Studies (NISS) in Abuja.
According to EFCC spokesperson Dele Oyewale, Olukoyede expressed concern over how criminal elements, including insurgents and bandits, have sustained their operations through illicit financial networks and illegal arms trade. He highlighted the increasing use of cryptocurrency in funding these activities, warning that this dimension of financial crime requires urgent attention.
“In a recent special operation in Lagos, we arrested 194 foreigners in a single building on Victoria Island. Among them were Chinese, Filipinos, Eastern Europeans, and Tunisians. Many had no valid visas, and their financial dealings were heavily linked to cryptocurrency,” Olukoyede revealed.
He further disclosed that some of the arrested individuals were fugitives with prior convictions in their home countries. “Our investigations indicate that these fraud syndicates are not only operating in Nigeria but are also setting up cells in other African nations,” he added.
The EFCC boss emphasized the need for greater collaboration among security and intelligence agencies across Africa to combat these transnational criminal networks.
Speaking on behalf of NISS, the institute’s director of studies, Hyginus Ngele, commended the EFCC’s relentless efforts in tackling financial crimes. He noted that the agency’s work has strengthened Nigeria’s global integrity and serves as a model for other African nations.
With financial fraud evolving and foreign syndicates expanding their reach, the EFCC calls for urgent national and international action to prevent Nigeria from becoming a hub for organized cybercrime and illicit financial activities.
