Ola Olukoyede
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised concerns over the increasing presence of organized foreign fraud syndicates in Nigerian cities. He warned that these criminal networks are not only operating within the country but are also recruiting young Nigerians into large-scale cybercrimes, including cryptocurrency fraud.
Olukoyede made these revelations while addressing participants of the Executive Intelligence Management Course (EIMC 18) from the National Institute for Security Studies (NISS). The delegation, led by the institute’s Director of Studies, Hyginus Ngele, visited the EFCC headquarters as part of their training program.
The EFCC chairman highlighted the growing threat of foreign cybercrime rings, stating:
“Another dimension that is not given enough attention is the recent discovery that organized foreign fraud syndicates are establishing cells in Nigerian cities. They are actively recruiting young Nigerians into serious organized cybercrimes, including cryptocurrency fraud.”
He further revealed that investigations suggest a link between these syndicates and illegal arms trafficking, with cryptocurrency being used as a payment method.
“We are beginning to see indications that many of these criminals are engaged in the illegal importation of arms into Nigeria, using cryptocurrency transactions to fund their operations. This is an area that should concern all security agencies.”
Olukoyede disclosed that a recent EFCC operation in Lagos led to the arrest of 194 foreigners residing in Victoria Island. The arrested individuals included Chinese, Filipinos, Eastern Europeans, and Tunisians, many of whom lacked valid visas.
“In one operation alone, we arrested 194 foreigners in a single building in Victoria Island. Some had no valid visas, and most of their financial activities were conducted through cryptocurrency.”
Additionally, some of the arrested individuals were ex-convicts in their home countries who had fled to Africa to evade justice.
“We discovered that some of them had criminal records abroad and had escaped from their countries. They found a safe haven in Africa, including Nigeria. Our investigations show that they are also establishing similar cells in other African nations.”
The EFCC is intensifying its efforts to dismantle these foreign-led fraud networks and curb the spread of cybercrime. Olukoyede urged collaboration between security agencies, both locally and internationally, to address the growing threat of transnational financial crimes and their links to other illegal activities.
As the fight against cybercrime and financial fraud escalates, the EFCC chairman emphasized the need for greater vigilance, stricter immigration enforcement, and stronger international cooperation to prevent Nigeria from becoming a hub for organized financial crime.
