Nigeria’s Economic and Financial Crimes Commission (EFCC) has escalated its crackdown on cyber-enabled financial crime, detaining 194 foreign nationals in 2024 and prosecuting 146 of them, in a sweeping response to rising international digital fraud networks operating within its borders.
The commission’s operations culminated in a major sting in December, when nearly 800 individuals were arrested in Lagos alone. Many were implicated in romance scams and fraudulent cryptocurrency investment schemes. Among those detained were 148 Chinese and 40 Filipino nationals, allegedly acting as ringleaders of highly organized cybercrime cells.
“These syndicates use sophisticated techniques, fake identities, and deceptive online platforms to exploit Nigerians and international victims,” EFCC Chairman Ola Olukoyede stated. “What’s more alarming is their ability to train and recruit local youth, many of whom are unaware they are being used for larger criminal agendas.”
The EFCC revealed that these international groups had established expansive fraud hubs in major cities, leveraging high-tech equipment and rented office spaces. Investigations have also uncovered links between cryptocurrency-based money laundering and even arms trafficking, signaling a broader threat to national security.
Olukoyede highlighted serious gaps in Nigeria’s regulatory frameworks. “Failures in visa vetting, real estate leasing, and telecommunications oversight have allowed foreign cybercriminals to embed themselves within our economy,” he said, calling for urgent reforms.
The EFCC is now working closely with immigration services, local police, and regional cybersecurity agencies to identify and dismantle these foreign-led criminal enterprises. Regional cooperation across West Africa and broader engagement with Interpol and global cybersecurity alliances are also being explored.
Nigeria has seen a sharp increase in cyber-related fraud over the past five years, fueled by the growth of digital finance and porous regulatory controls. Victims of these scams often include retirees, small business owners, and foreign investors who are lured into bogus investment opportunities.
Authorities say bolstering cybersecurity laws, enhancing visa oversight, and introducing stricter identity verification protocols for business registration will be key to mitigating future risks.
With growing foreign involvement in local scams, the EFCC has pledged to intensify surveillance of suspected fraud hubs and to clamp down on digital financial manipulation.
“Our digital economy must not be hijacked by global fraud syndicates,” Olukoyede warned. “The future of Nigeria’s cybersecurity depends on urgent, coordinated, and sustained action.”
The EFCC urges the public to report suspicious online investment schemes and continues to release updates on its ongoing investigations.
