The Economic and Financial Crimes Commission (EFCC) says Nigeria lost more than $500 million to cybercrime in 2022, warning that its current wave portended a grave danger if unchecked.

EFCC chairman Ola Olukoyede made this known on Tuesday in Abuja at the 2024 National Cybersecurity Summit with the theme: “Alternatives to Cybercrimes; Optimising Cyber Skills for National Development.”

EFCC organised the event with the support of the EU-funded Rule of Law and Anti-Corruption (RoLAC-Phase II) Programme of the International Institute of Democracy and Electoral Assistance (International IDEA).

“Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion.

“As a matter of fact, the research I did earlier this year confirmed that cybercrime has become the third largest GDP in the world, with approximately 2,328 cases occurring daily.

“The implication of all this is that if left unchecked, cybercrimes portend grave dangers to the entire world. Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrime,” he said.

Mr Olukoyede said cybercrime accounted for a significant percentage of the convictions recorded by the agency since his one year in office as the EFCC chairman.

“These are the realities stalking the commission’s fight against these crimes,” said the EFCC chair. “Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC.”

He, however, said there were plans to re-channel the energies of young people, who are mostly perpetrators of cybercrime.

Mr Olukoyede said the event was to expose young Nigerians with tech skills to the opportunities in various industries for legitimate wealth.

“These opportunities can be found in the creative industry, tech, ecosystem, financial services sector, medical services, and even law enforcement, your lens,” he said.

According to him, the fight against cybercrime is a collective one that cannot be left alone for the EFCC.

“And that’s where it has become imperative to bring the state governors so that as we are tackling it at the federal level, sub-nationals will also have a role to play.

“The enormity of challenges posed to us as individuals and as a country by cybercrimes are grievous as individuals,” he said.

Mr Olukoyede noted that youth involvement in cybercrime was distorting and corrupting acceptable family values.

“The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations and technological innovations,” he said.

Also speaking, First Lady Oluremi Tinubu said it was imperative to involve stakeholders to win the war against cybersecurity in the country.

She expressed concern over the alarming rates of youth involvement in cybercrime and urged parents to guide their children appropriately by inculcating good values, morals and a sense of patriotism.

(NAN)