Mr. Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC) has disclosed that Nigeria lost over $500 million to cybercrime in 2022.
He asserted that cybercrime has become the third largest GDP in the world with approximately 2,328 cases occurring daily.
According to Olukayode, the global loss to cybercrimes may reach a staggering $10.5 trillion by 2025.
EFCC boss made this known on Tuesday during the National Summit on Cybercrime, organised by the agency at Banquet Hall, State House, Abuja
Olukoyede affirmed that the tendency towards quick riches no longer positions the young people for enterprise, resourceful intellectual aspirations and technological innovations.
He disclosed that the agency is establishing a Cybercrime Response Desk, to receive and process real-time information on suspected cybercrime for immediate enforcement action to nip such cases in the bud.
The statement reads in part, “The menace of cybercrimes, like most economic and financial crime, is a burning challenge that we cannot deny, ignore or wish away. The enormity of challenges posed to us as individuals and nation by cybercrimes are grievous.
“As individuals, youths’ involvement in these crimes is distorting and corrupting acceptable family values. The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations and technological innovations.
“Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion by 2025, with approximately 2,328 (Two Thousand, Three Hundred and Twenty-eight) cases occurring daily.
“As a matter of fact, the research I did earlier this year confirmed that cybercrime has become the third largest GDP in the world with approximately 2,328 cases occurring daily.
“The implication of all this is that if left unchecked, cybercrimes portend grave dangers to the entire world. Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrime.
“These are the realities stoking the Commission’s fight against these crimes. Cybercrime accounts for a significant percentage of the 3455 convictions recorded by the EFCC in my one year as Executive Chairman.
A significant portfolio of choice assets has also been recovered and returned to both local and foreign victims of cybercrimes by the Commission.
“We are not oblivious of insinuations and misconceptions in some quarters that the Commission is concentrating its operational works on the fight against internet crimes.
“While this narrative is not really true, the fact remains that cybercrime threatens the nation’s most significant asset its reputation, and economic wellbeing.
“The losses by the financial services sector to cybercrime in the last three years is staggering. We cannot continue to sit idly and watch the integrity of our institutions compromised and our youths degenerate into uselessness.
“The future of our nation cannot and would not be allowed to hang in the balance. We must take collective actions against cybercrimes.”