2,669 convictions secured in nine months – EFCC

The Economic and Financial Crimes Commission says it saw through the successful prosecution of 2,669 persons for various crimes as of October 2022.

Of the 2,669 convictions the antigraft agency was able secure, 1,968 convicts amounting to over 73 per cent, were cybercrime-related, City Round has learnt.

The cybercrime-related convictions range from fraud, embezzlement, misappropriation, internet fraud to other financial impropriety carried out within public and private sectors in the country and outside the country.

The anti-graft agency, in response to an inquiry by City Round, noted that the convictions were secured between January and October 7, 2022.

The 1,968 cybercrime convicts, according to documents by the commission, were involved in various forms of internet fraud, ranging from identity theft, phishing, malware attacks, bank fraud vishing to credit card scams, among others.

This follows protests by some youths in Ughelli, Delta and Ibadan, Oyo states, suspected to be involved in internet fraud. They alleged clampdown by operatives of the EFCC.

In 2021, the EFCC disclosed that as of September, 80 per cent of its 978 convictions were connected to cybercrime-related offences.

Describing the rise in cybercrime activities in Nigeria as alarming and worrisome, it said it resolved to leave no stone unturned in ensuring the tackling of the menace.

The commission noted that cybersecurity experts believe that financial damages and losses could reach $6tn at the end of the year, adding that studies had shown that cyber attacks were among the fastest growing crimes across the globe.

Deloitte’s ‘Nigeria Cybersecurity Outlook 2022’ revealed that Nigeria was ranked 16th among countries mostly affected by Internet crime in 2020, according to the Federal Bureau of investigation. In August this year, the EFCC in collaboration with the US Department of Justice held four-day training on cybercrime and crypto-currency investigation for its operatives to counter cybercrime.

The Nigerian Communications Commission also decried the menace, noting that the rising cyberattacks in the country had caused more economic, social and cultural harm than good.

“Cyber attacks cause the country to lose about $500m yearly to cybercrime,” it said.