The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has disclosed that organized foreign fraud syndicates are establishing criminal networks in Nigerian cities and enlisting young Nigerians in cybercrime activities.
Olukoyede made this revelation during a meeting with participants of the Executive Intelligence Management Course (EIMC) from the National Institute for Security Studies (NIIS), led by Director of Studies Hyginus Ngele, in Abuja on Wednesday, February 26.
He stated, “A recent discovery that has not received enough attention is the fact that organized foreign fraud syndicates are creating operational cells in Nigerian cities and recruiting young Nigerians into serious cybercrimes, including cryptocurrency fraud.”
The EFCC chairman further revealed that intelligence reports indicate these foreign fraudsters are also illegally importing arms into Nigeria, using cryptocurrency as a payment method.
“In our recent special operations in Lagos, we arrested 194 foreigners in the heart of Victoria Island,” Olukoyede disclosed. “Among them were individuals from China, the Philippines, Eastern Europe, Tunisia, and other countries—all found in a single building. Some lacked valid visas, and most of their financial transactions were conducted through cryptocurrency.”
He added that some of the arrested foreigners were former convicts who had fled prosecution in their home countries and sought refuge in Nigeria and other African nations.
Olukoyede expressed concern over the sustained activities of bandits and insurgents, pointing to the unchecked flow of small arms and light weapons across Nigeria’s borders. He also highlighted the role of non-state actors in the illegal exploitation of mineral resources, which exacerbates security challenges in the country.
He called for a coordinated national and continental effort to combat foreign fraud syndicates and cybercriminal networks, emphasizing the link between money laundering and national security threats.
“All security, intelligence, and law enforcement agencies in Nigeria and across Africa must work together to tackle this challenge,” he stressed.
Olukoyede also noted that for nearly two decades, Nigeria has grappled with insurgency, banditry, kidnapping, and farmer-herder conflicts, attributing part of the crisis to non-state actors.
“At the EFCC, we have long been cautious about the activities of non-state actors in security-challenged regions,” he stated. “For instance, in the North-East, the operations of both local and international NGOs have come under scrutiny. This led to a mandatory registration with the Special Control Unit Against Money Laundering (SCUML) and a directive to report all cash movements within the region to the EFCC.”
He concluded by stressing the importance of stricter regulations and intelligence-sharing among security agencies to curb these growing threats.
