How Nigeria lost over $500 million to cybercrime in 2022, EFCC reveals

• The Economic and Financial Crimes Commission (EFCC) revealed that Nigeria lost over $500 million to cybercrime in 2022
• Olukoyede warned that global losses to cybercrime could reach $10.5 trillion, with approximately 2,328 cases occurring daily
• The EFCC chairman noted that cybercrime constitutes a significant portion of the agency's convictions, with 3,455 recorded in the past year

FCT, Abuja - The Economic and Financial Crimes Commission (EFCC) has issued a stark warning about the rising threats of cybercrime, revealing that Nigeria lost over $500 million to these crimes in 2022.

The alarming statistics were unveiled by EFCC Chairman Ola Olukoyede during the National Cybercrime Summit held in Abuja.

EFCC says Nigeria lost over $500 million to cybercrime Photo credit: @offcialefcc
Source: UGC

"Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion," Olukoyede stated.

He emphasized the magnitude of the issue, noting that research conducted earlier this year confirmed cybercrime has become the third-largest GDP in the world, with approximately 2,328 cases occurring daily, Channels Television reported.

He said:

“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."

EFCC boss speaks on cybercrime's impact on the commission

The EFCC chairman highlighted that cybercrime has accounted for a significant percentage of the agency's convictions since he assumed office a year ago.

“These are the realities stalking the Commission’s fight against these crimes,” he remarked.

He further noted that cybercrime represents a considerable portion of the 3,455 convictions recorded by the EFCC in the past year, The Punch reported.

EFCC boss counsels Nigerian youths against cybercrime

Despite the bleak outlook, Olukoyede expressed optimism about redirecting the energies of young people, who often find themselves drawn into cybercrime.

“First, there is an alternative of creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud,” he explained.

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Source: Legit.ng