“Grave Dangers”: EFCC Opens Up on How Much Nigeria Lost to Cybercrime in 2022

• 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: @offcialefccSource: 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.

Source: TheTalk.NG

JUST IN: Tears in Lagos as Train Crushes Man to Death

An unidentified man was killed by a moving train in Ikeja, Lagos, just 10 days after a similar accident in Oshodi LASEMA’s response team recovered the body, handing it over to the State Environmental Health Monitoring Unit (SEHMU) for identification Lagos state authorities are facing pressure to enforce stricter safety measures, as the Task Force ... Read more Continue reading here ▶

Akintayo Addresses Questions Over Bishop Abioye’s Exit From Winners After Claims He ‘Was Pushed Out’

TheTalk.NG journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering public journalism. FCT, Abuja – Stephen Akintayo, a prominent entrepreneur, has said it is not true that Bishop David Abioye, the first vice-president of the Living Faith Church, better known as Winners Chapel, “was pushed out”. TheTalk.NG reports that Akintayo attended the retirement ... Read more Continue reading here ▶

VIDEO: Pastor Ibiyeome Finally Opens Up on Whose Prophecy Made Him Successful in Ministry

Bishop David Ibiyeomie revealed that a powerful prophecy from a man of God, declaring he would “see honour,” has shaped his ministry Ibiyeomie shared that his birthday has become a significant event, receiving global attention Reflecting on the prophecy’s fulfilment, he recalled an experience where even a pilot honoured him before a flight Port Harcourt, ... Read more Continue reading here ▶

Amid Hardship, Tinubu Holds Key Meeting With Abubakar Atiku Bagudu, Others in Abuja, Details Emerge

TheTalk.NG journalist, Ridwan Adeola Yusuf, has over 9 years of experience covering politics, governance, and elections in Nigeria. FCT, Abuja – President Bola Tinubu on Tuesday, October 22, met with Abubakar Atiku Bagudu, the minister of budget and economic planning. Bayo Onanuga, Tinubu’s special adviser on information and strategy, shared the update in a terse ... Read more Continue reading here ▶

181 People Died: Jigawa Gov Gives Update on Explosion, Meets Tinubu

President Bola Tinubu has played host to Governor Umar Namadi of Jigawa state and received a brief about the recent fuel tanker explosion in the northwest state The Jigawa state governor disclosed that no less than 181 people died in the accident, and over 80 people have been hospitalised According to the governor, a committee ... Read more Continue reading here ▶