The Economic and Financial Crimes Commission (EFCC) has revealed that Nigeria suffered a staggering loss of $703 million to cybercrime activities. This alarming revelation comes amid the closure of several bank accounts linked to illicit financial activities.
According to the EFCC Boss, Ola Olukayode, cybercriminals have been increasingly targeting financial institutions and individuals, resulting in significant financial losses for the country. The $703 million loss underscores the growing threat posed by cybercrime to Nigeria’s economy and its citizens.
The head of the EFCC reportedly stated on Arise TV that the NCC report for 2022 states that cybercrimes cost Nigerian banks ₦8 billion in losses that year. He mentioned that the Commission is looking forward to the report from 2023 being released.
Olukoyede underlined that in 2022, cyberattacks affected 71% of the country’s industries, costing Nigeria $706 million in lost revenue due to cybercrimes. He emphasised that although FBI data showed that between 2018 and 2021, cybercrime worldwide accounted for 60% of Africa’s total, Nigeria alone accounted for 50% of that total.
In response to this concerning trend, the EFCC has taken decisive action by identifying and shutting down several bank accounts suspected of being involved in fraudulent activities. These closures are part of ongoing efforts to combat cybercrime and safeguard Nigeria’s financial system.
The EFCC has urged financial institutions and the public to remain vigilant against cyber threats and to report any suspicious activities promptly. Additionally, the commission has emphasized the importance of implementing robust cybersecurity measures to mitigate the risk of cyber attacks.
The revelation of Nigeria’s substantial loss to cybercrime serves as a stark reminder of the urgent need for enhanced cybersecurity measures and greater collaboration between law enforcement agencies, financial institutions, and the public to effectively combat this growing menace.