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EFCC warns of foreign fraud syndicates setting up cells in Nigeria, recruiting youths for cybercrimes like cryptocurrency fraud
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These syndicates may be involved in arms smuggling using cryptocurrency, posing significant national security threats
The Economic and Financial Crimes Commission (EFCC) has raised concerns over the increasing presence of organized foreign fraud syndicates in Nigeria.
According to the commission, these groups are setting up cells in major cities and actively recruiting young Nigerians into cybercrimes, including cryptocurrency fraud.
EFCC Chairman Ola Olukoyede made this disclosure at the agency’s headquarters in Abuja while addressing participants of the Executive Intelligence Management Course (EIMC 18) from the National Institute for Security Studies.
Olukoyede linked the activities of these fraudsters to the prolonged existence of bandits and insurgents in Nigeria, hinting that foreign criminals might be aiding these groups.
He also pointed out the challenges posed by the illegal flow of small arms and minerals across borders, further complicating Nigeria’s security landscape.
“One aspect often overlooked is the recent discovery that organized foreign fraud syndicates are establishing cells in Nigerian cities and recruiting young Nigerians into serious cybercrimes, including cryptocurrency fraud,” he stated.
He further revealed that EFCC’s investigations suggest that these groups may also be involved in smuggling arms into the country, using cryptocurrency as a payment method. This growing trend, he warned, demands urgent attention.
“In our recent special operations in Lagos, we arrested 194 foreign nationals in a single building in Victoria Island. These included Chinese, Filipinos, Eastern Europeans, Tunisians, and others. Some of them had no valid visas, and most of their financial transactions were carried out using cryptocurrency.”
He also disclosed that several of the arrested foreigners were ex-convicts who had escaped from their home countries and sought refuge in Africa. According to Olukoyede, these fraud networks are not limited to Nigeria but are expanding across other African nations.
The EFCC chairman called for a coordinated effort at both national and continental levels to combat the growing menace of cyber fraud.
He stressed that the presence of foreign organized crime groups in Nigeria has serious implications for money laundering and national security.
“All security, intelligence, and law enforcement agencies in Nigeria and Africa must collaborate to address this challenge effectively,” he concluded.
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