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The Economic and Financial Crimes Commission (EFCC) has raised concerns about organized foreign fraud syndicates establishing cells in Nigerian cities and recruiting young Nigerians into serious cybercrimes, including cryptocurrency fraud.
According to EFCC Chairman, Ola Olukoyede on Thursday said these syndicates are using cryptocurrency to facilitate illegal activities, such as the importation of arms into the country.
Olukoyede expressed surprise at the sustained activities of bandits and insurgents in Nigeria, highlighting the alarming rate of small arms and light weapons flowing across borders.
He also noted the involvement of non-state actors in the illegal exploitation of minerals in parts of the country.
The EFCC has discovered that these foreign fraud syndicates are recruiting young Nigerians into cybercrime, with many using cryptocurrency for transactions.
In one operation, the EFCC arrested 194 foreigners in Lagos, who were operating from a single building in Victoria Island. Many of these individuals lacked valid visas, and their financial transactions were predominantly conducted using cryptocurrency.
Olukoyede emphasized the need for collective action to address the growing menace of cybercrime and its links to money laundering and national security threats.
He further urged security, intelligence, and law enforcement organizations in Nigeria and Africa to collaborate in tackling this challenge.
