The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised an alarm over the infiltration of Nigeria by organised foreign fraud syndicates.
He warned that these groups are setting up cells in major cities and recruiting young Nigerians into sophisticated cybercrimes, including cryptocurrency fraud.
Olukoyede made the disclosure in Abuja while addressing participants of the Executive Intelligence Management Course (EIMC 18) of the National Institute for Security Studies (NISS), led by the Director of Studies, Hyginus Ngele.
He expressed deep concern over the long-term sustenance of banditry and insurgency in Nigeria, attributing it to the unchecked flow of small arms and light weapons across the country’s borders.
He further emphasised that the activities of non-state actors, particularly in the illegal exploitation of mineral resources, have compounded Nigeria’s security challenges.
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A major revelation from the EFCC’s recent investigations, Olukoyede noted, is the possible connection between cybercrime and the illegal importation of arms into the country.
“We are beginning to see the likelihood that many of these criminals are using cryptocurrency as a means of payment for illegal arms smuggling. This is an area that must interest all of us”, he said.
He cited a recent EFCC operation in Lagos, where security operatives arrested 194 foreigners involved in suspected cybercrime activities in the upscale Victoria Island area.
The detainees, who included Chinese, Filipinos, Eastern Europeans, and Tunisians, were discovered in a single building.
“Some of them did not even have valid visas, and most of their financial transactions were conducted through cryptocurrency,” he revealed.
Olukoyede also disclosed that some of the arrested foreigners were ex-convicts in their home countries who had fled to Nigeria and other African nations, using the continent as a safe haven.
“Our investigations indicate that these criminal syndicates are also developing operational cells in other African countries. This highlights the urgent need for a coordinated continental response to tackle this growing threat,” he stated.
Olukoyede stressed the importance of joint efforts by security, intelligence, and law enforcement agencies across Africa to curb the rising threat of cybercrime and financial crimes linked to transnational syndicates.
“The money laundering and national security dimensions of these foreign criminal organizations require close scrutiny. All security agencies in Nigeria and Africa must close ranks to address this challenge,” Olukoyede urged.
He lamented that Nigeria has been grappling with multiple security crises—including insurgency, banditry, kidnapping for ransom, and farmer-herder conflicts—for nearly two decades, partly due to the unchecked activities of non-state actors.
Attributing some of the country’s security and corruption challenges to the unregulated activities of international non-governmental organizations (NGOs), Olukoyede explained that the EFCC has taken steps to monitor their financial transactions.
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“In the Northeast, for instance, the operations of both local and international NGOs have come under scrutiny. This was a major factor behind the decision to mandate their registration with the Special Control Unit Against Money Laundering (SCUML), and to enforce strict reporting of cash movements within the region,” he said.
He reiterated the EFCC’s commitment to intensifying its fight against cybercrime and financial crimes while ensuring that Nigeria does not become a breeding ground for transnational criminal syndicates.
