The Economic and Financial Crimes Commission (EFCC) has raised concerns about organised foreign fraud syndicates establishing cells in Nigerian cities and recruiting young Nigerians into cybercrime, including cryptocurrency fraud.
EFCC Executive Chairman, Ola Olukoyede, made the disclosure while hosting participants from the National Institute for Security Studies (NISS). He highlighted the recent discovery of these foreign syndicates, noting their involvement in cryptocurrency fraud and the potential for illegal arms importation.
“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 means of payment,” he said.
Mr. Olukoyede cited a recent operation in Lagos where 194 foreigners, including Chinese, Filipinos, Eastern Europeans, and Tunisians, were arrested in a single building. Many lacked valid visas and conducted financial activities through cryptocurrency. He also revealed that some of those arrested were ex-convicts who had escaped from their home countries and found safe haven in Africa.
He expressed concern about the sustainability of bandit and insurgent activities, linking them to the flow of small arms, light weapons, and illegal mineral exploitation by non-state actors. He called for national and continental efforts to combat internet fraud, emphasizing the money laundering and national security implications of foreign organised crime groups.
“All security, intelligence and law enforcement organisations in Nigeria and indeed Africa, must close ranks in dealing with this challenge,” he said.
Mr. Olukoyede also pointed to the role of non-state actors in fueling security challenges, including insurgency, banditry, kidnapping, and farmer-herder clashes. He said the EFCC has been suspicious of non-state actor activities in security-challenged areas, such as the Northeast, and has mandated NGO registration with the Special Control Unit against Money Laundering (SCUML).
The NISS Commandant praised the EFCC’s achievements in combating corruption and financial crimes, noting their role in uncovering networks that channel funds to support hostile non-state actors.
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