International Fraud Syndicates Setting Up Cells in Nigeria — EFCC

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed that organized foreign fraud syndicates are establishing cells in Nigerian cities and recruiting young Nigerians into serious cybercrimes, including cryptocurrency fraud.

EFCC Spokesperson Dele Oyewale disclosed this in a statement on Thursday, February 27, in Abuja.

According to the statement, Olukoyede made the revelation while receiving participants of the Executive Intelligence Management Course (EIMC) 18 from the National Institute for Security Studies (NISS) in Abuja. The team was led by the institute’s Director of Studies, Hyginus Ngele.

Expressing concern over the persistence of banditry and insurgency in the country, Olukoyede highlighted the unchecked flow of small arms and light weapons across Nigerian borders and the involvement of non-state actors in illegal mineral exploitation. He stated that these factors are exacerbating the nation’s security threats.

“Another dimension that is not given attention is the discovery, recently, that organised foreign fraud syndicates are establishing cells in Nigerian cities,” he said.

“They are recruiting young Nigerians into serious organised cybercrimes, including cryptocurrency fraud. By virtue of EFCC’s recent discovery, we are beginning to see the likelihood, the propensity that a lot of these people are into illegal importation of arms into the country using cryptocurrency as a means of payment. This is an area that must interest all of us.”

Olukoyede also disclosed that in a recent special operation in Lagos, the EFCC arrested 194 foreigners in Victoria Island. “They comprised Chinese, Filipinos, Eastern Europeans, Tunisians, and others in one building at a time. You can imagine what these guys are doing, 194 of them.

“Some of them don’t even have valid visas, and most of the financial activities they carried out were through cryptocurrency,” he added. According to him, investigations revealed that some of the foreigners arrested were already convicted criminals in their home countries.

“Some of them have been convicted and escaped from their countries and found safe haven in Africa, not only Nigeria. We discovered that they are also developing cells in some other African countries by virtue of the investigation we are carrying out,” he stated.

The EFCC boss called for coordinated efforts at both national and continental levels to combat internet fraud, emphasizing the national security risks and money laundering concerns linked to foreign organized crime groups.