The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has raised alarm over the infiltration of Nigerian cities by organised foreign fraud syndicates now recruiting young Nigerians into cybercrime, including cryptocurrency fraud.
Olukoyede made this known while addressing participants of the Executive Intelligence Management Course, EIMC, 18 from the National Institute for Security Studies, NISS, in Abuja.
He expressed deep concern over the increasing flow of small arms and light weapons across Nigeria’s borders and their connection to illegal financial activities. The EFCC boss highlighted recent discoveries linking cryptocurrency transactions to arms smuggling, describing it as a critical national security threat.
“In our recent operations in Lagos, we arrested 194 foreigners in a single building in Victoria Island. They included Chinese, Filipinos, Eastern Europeans, and Tunisians. Some had no valid visas, and most of their financial activities were conducted through cryptocurrency,” he said.
Further investigations revealed that some of those apprehended were ex-convicts who had fled their home countries and were now setting up fraud cells across Africa.
Olukoyede stressed the need for a unified effort among security agencies across the continent to tackle internet fraud and its links to organised crime. He called for stricter monitoring of cryptocurrency transactions, warning that many of these illegal networks exploit digital currencies to finance arms importation and other criminal activities.
Speaking on behalf of the NISS commandant, Joseph Odama, the institute’s Director of Studies, Hyginus Ngele, commended the EFCC for its aggressive fight against financial crimes. He noted that the commission’s investigations had exposed how some NGOs and entities secretly fund non-state actors, fuelling instability in Nigeria and beyond.
He emphasized the need for stronger legal and institutional frameworks to curb financial crimes and ensure transparency across Africa.
NAN
