The Economic and Financial Crimes Commission (EFCC) has raised concerns over the growing presence of organized foreign fraud syndicates in Nigerian cities, warning that they are actively recruiting young Nigerians into cybercrime, including cryptocurrency fraud.
EFCC Chairman, Mr. Ola Olukoyede, made the revelation on Wednesday, while receiving participants of the Executive Intelligence Management Course (EIMC 18) from the National Institute for Security Studies (NISS) at the commission’s headquarters in Abuja.
Olukoyede linked the activities of these syndicates to broader national security threats, including the illegal importation of arms using cryptocurrency transactions.
“We are beginning to see the likelihood that a lot of these people are involved in the illegal importation of arms into the country, using cryptocurrency as a means of payment. This is an area that must interest all of us,” he stated.
He also disclosed that in a recent EFCC operation in Lagos, 194 foreigners were arrested in a single building in Victoria Island.
The suspects, including Chinese, Filipinos, Eastern Europeans, and Tunisians, were allegedly engaged in financial crimes facilitated through cryptocurrency.
“Some of them don’t even have valid visas, and we discovered that a number of them are ex-convicts who fled their countries and found safe haven in Africa,” Olukoyede added.
He further noted that investigations indicate that these criminal networks are expanding their reach to other African nations.
The EFCC chairman stressed the need for stronger national and continental collaboration to tackle the threat, emphasizing that financial crimes have a direct impact on Nigeria’s security situation.
He called on all security, intelligence, and law enforcement agencies in Africa to work together to combat organized cybercrime.
Olukoyede also raised concerns about the role of non-state actors in fueling insecurity in Nigeria.
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He pointed out that in the North East, certain local and international bodies had come under scrutiny for their financial activities, prompting the EFCC to mandate their registration with the Special Control Unit against Money Laundering (SCUML), and enforce stricter monitoring of cash movements.
The NISS delegation, led by Director of Studies, Hyginus Ngele, commended Olukoyede’s leadership and the EFCC’s efforts in combating financial crimes.
Ngele highlighted the importance of understanding the influence of non-state actors in security management across Africa and called for stronger legal and institutional frameworks to address these challenges.
The EIMC 18 participants included 74 senior officers from Nigeria’s intelligence, military, and law enforcement agencies, as well as government representatives and international participants from Ghana, Somalia, Rwanda, and The Gambia.
The visit featured an interactive session moderated by EFCC Public Affairs Director, Wilson Uwujaren, with insights from top EFCC officials on the commission’s efforts in tackling corruption and financial crimes.
