The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has sounded the alarm over the increasing infiltration of Nigeria by foreign fraud syndicates, revealing that these groups are setting up cybercrime cells across the country and luring young Nigerians into sophisticated financial crimes, including cryptocurrency-related fraud.
Olukoyede made these revelations on Wednesday, February 26, 2025, while addressing participants of the Executive Intelligence Management Course (EIMC) 18 from the National Institute for Security Studies (NISS), led by Director of Studies, Hyginus Ngele, at the EFCC headquarters.
The EFCC chairman expressed deep concerns about how criminal enterprises, including insurgents and bandits, sustain their operations through illicit financial flows, the smuggling of small arms and light weapons, and the illegal exploitation of Nigeria’s mineral resources.
“Another dimension that is not given enough attention is the discovery, recently, that organized foreign fraud syndicates are establishing cybercrime cells in Nigerian cities and recruiting young Nigerians into serious organized cybercrimes, including cryptocurrency fraud,” Olukoyede warned.
He further raised fears that these syndicates are leveraging cryptocurrency networks to facilitate illicit financial transactions, including the illegal importation of arms, which poses a significant threat to Nigeria’s national security.
Revealing details of a recent sting operation conducted by the EFCC, Olukoyede disclosed that operatives raided a cybercrime hub in Lagos, leading to the arrest of 194 foreigners operating from a single building in Victoria Island.
“One hundred and ninety-four of them—Chinese, Filipinos, Eastern Europeans, Tunisians—were apprehended for engaging in massive cyber fraud. Many did not even have valid visas, and most of their financial transactions were carried out using cryptocurrency,” he stated.
Disturbingly, some of the arrested foreigners were ex-convicts in their home countries who had fled to Africa, using Nigeria as a safe haven to continue their fraudulent activities.
The EFCC chairman revealed that intelligence reports indicate these fraud syndicates are also expanding their operations to other African nations, leveraging Nigeria’s strategic position as an entry point.
“This is no longer just a Nigerian problem; it is becoming a continental crisis. The involvement of foreign-organized crime groups in cyber fraud, money laundering, and even national security threats requires urgent action,” he emphasized.
Olukoyede called for heightened vigilance and stronger collaboration between Nigerian security agencies, international partners, and law enforcement bodies across Africa to curb the growing menace of cybercrime syndicates.
“All security, intelligence, and law enforcement agencies in Nigeria, and indeed across Africa, must collaborate to address this challenge,” he urged.
The EFCC chairman also pointed to the role of non-state actors in fueling insecurity across Nigeria, stressing that their activities—especially in the Northeast—have not been adequately scrutinized.
“At the EFCC, we have always been wary of the influence of non-state actors in areas with security concerns,” he noted. “In the Northeast, for example, the activities of local and international NGOs have come under scrutiny.”
This concern prompted the EFCC to introduce stricter regulations, including the mandatory registration of NGOs with the Special Control Unit against Money Laundering (SCUML), a department within the Commission. The directive also requires NGOs to notify the EFCC about cash movements within high-risk regions.
With cybercriminal syndicates exploiting Nigeria’s security lapses, Olukoyede’s revelations serve as a critical wake-up call for the government and security agencies. As foreign fraud networks continue to deepen their roots, the need for immediate and decisive action to dismantle these cybercrime hubs has never been more urgent.
The EFCC’s intensified crackdown signals a renewed commitment to combating financial crimes, but will Nigeria’s security architecture rise to the challenge? Only time will tell.
PIONEER NEWS 