Cybercrime threatens Nigeria’s economic growth by tarnishing its reputation and discouraging foreign direct investment. With Nigeria positioned as one of Africa's largest economies, eradicating cybercrime is critical to maintaining investor confidence and securing its burgeoning digital economy.
The Economic and Financial Crimes Commission (EFCC) has arrested 792 suspects in a major raid targeting cryptocurrency investment fraud and romance scams. The operation, conducted on December 10, 2024, focused on a seven-story building, Big Leaf Building, at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos.
EFCC Chairman Ola Olukoyede, represented by Director of Public Affairs Commander Wilson Uwujaren, revealed that the suspects included 148 Chinese nationals, 40 Filipinos, two Kazakhstani nationals, one Pakistani, and one Indonesian, alongside their Nigerian collaborators. The building served as a hub where foreign syndicates trained Nigerians to execute scams targeting global victims.
Investigators uncovered advanced computers on all floors and 500 SIM cards linked to local telecom providers. Nigerian recruits were selected for their typing and computer skills, then trained to create fake profiles, engage victims in romantic or investment scams, and promote a fraudulent platform, www.yooto.com. Activation fees on the platform started at $35.
The foreign syndicate leaders handled defrauding victims and cut off the Nigerians from the proceeds. Recruits lacked formal contracts and were paid in cash or via personal accounts.
Olukoyede highlighted collaboration with international partners to uncover links to global fraud networks. He countered the notion that Nigerians are the primary perpetrators of fraud, stating that foreign syndicates exploit Nigeria’s reputation to mask operations.
The raid follows a November 2024 operation where Nigerian police arrested 130 suspects, including 113 foreign nationals, for cybercrimes and activities threatening national security. These efforts align with the Cybercrimes Act of 2015, which criminalizes identity theft, phishing, and hacking, reflecting Nigeria’s commitment to tackling cybercrime on a global scale.
Hikmatu Bilali
