Following Meta’s takedown of thousands of fraudulent Nigerian Instagram and Facebook accounts linked to sextortion, which raised awareness of the need to safeguard young people online, reports indicate that Nigeria is prepared to intensify its efforts in tackling online extortion frauds. As reported in a Financial Times article, the nation’s crime watchdog, the Economic and Financial Crimes Commission (EFCC), is prepared to collaborate with international law enforcement to apprehend culprits who are based in Nigeria. According to commission spokesperson Dele Oyewale, “there’s no safe haven for anyone committing such crimes in Nigeria,” the report states.
To further fortify the government’s counteroffensive against fraudulent acts, Mr. Ola Olukoyede, the Executive Chairman of the commission has called for more practical and efficient measures to enhance the whistleblower policy. The Commission has been unrelenting on delivering on its mandates of tackling economic and financial crimes, such as money laundering, cybercrime, and corruption. Its operations have gotten more intense recently, which is indicative of its dedication to combating financial misconduct across the country. With regard to Cybercrime in particular, EFCC has been actively combating internet fraud, also referred to in Nigeria as “Yahoo Yahoo” fraud.
More than ₦152 billion were recovered in 2023.
Frequently, the commission carries out raids, apprehends suspects, and seizes property connected to online illegal activity. This strategy has reduced cybercrime-related activity and resulted in a sizable number of convictions. The EFCC obtained 3,785 convictions in 2023 for various kinds of financial and economic offenses, a notable rise over prior years. This featured well-known cases involving public servants and politicians. In 2023 alone, over ₦152 billion, or $330 million, was recovered. Cash, real estate, high-end vehicles, and money hidden in both domestic and overseas accounts were among the recovered assets.
Over ₦134 billion ($285 million) was recovered by the Commission in 2022. More than 2,600 people were found guilty of cybercrime in 2023 as a result of the EFCC’s arrest of over 6,000 alleged online scammers. The increase in arrests is a result of the Commission’s stepped-up efforts to combat online fraud, or “Yahoo Yahoo.” In anti-money laundering efforts, it seized substantial sums of foreign currency, including $121 million and €156,000 in 2023. The EFCC actively engages with the public as evidenced by the nearly 10,000 petitions linked to financial crimes it received in 2023, of which about 7,000 were investigated.
Collaborating with international organizations.
In connection with cross-border financial crimes, the EFCC’s collaborations with international organizations like the FBI and INTERPOL have led to numerous cooperative operations, the extradition of suspects, and over 300 arrests and convictions. On Wednesday, May 8, 2024, agents of the Economic and Financial Crimes Commission (EFCC) Abuja Zonal Command arrested 29 people they believed to be online scammers. They were taken into custody at the Apo, Gwarimpa, and Katampe axes in Abuja as a result of useful information regarding their possible involvement in online fraud. Six cars, two smart watches, and forty-three phones of various makes were confiscated from the suspects.
On the 21st of August, 2024, a billionaire named Hyginus Nkwocha was taken into custody by agents of the Economic and Financial Crimes Commission on suspicion of online Fraud and money laundering. Among the things taken from him are a gold bracelet, automobiles, phones, MacBooks, $2,200 in cash, among other things. Recovering assets acquired through illegal methods is a crucial part of the EFCC’s obligations. The Commission has been successful in seizing and forfeiting houses, expensive vehicles, and money stashed away in both domestic and overseas accounts. Often, the government’s coffers or fraud victims receive these confiscated assets back.
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Furthermore, the commission has increased the intensity of its public enlightenment efforts, stressing the value of honesty and the perils of financial crimes. The EFCC uses community outreach programs, media campaigns, and educational programs as part of its preventive and social engagement approach to lower financial crime. Notwithstanding roadblocks including judicial delays, political meddling, and resource shortages, the EFCC’s unwavering pursuit of its mission has a substantial positive influence on the decline of economic crimes in Nigeria. Its continued efforts are essential to regaining the public’s trust in the Rule of Law and governance.