Foreign fraud syndicates targeting Nigeria, says EFCC chairman

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised concerns over the increasing presence of organized foreign fraud syndicates setting up operations within Nigeria’s major cities. He revealed that these criminal groups are actively recruiting young Nigerians into cybercrimes, including fraudulent cryptocurrency activities.

In a statement issued on Wednesday by the EFCC’s Head of Media and Publicity, Dele Oyewale, Olukoyede disclosed these findings while receiving participants of the Executive Intelligence Management Course (EIMC 18) from the National Institute for Security Studies (NISS), led by Director of Studies, Hyginus Ngele.

Olukoyede stated, “Another dimension that is not given attention is the discovery, recently, that organized foreign fraud syndicates are establishing cells in Nigerian cities and recruiting young Nigerians into serious organized cybercrimes, including cryptocurrency fraud.”

He elaborated further, noting that these syndicates’ activities have expanded to illegal arms trade using cryptocurrency. “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. And this is an area that must interest all of us.”

One of the most alarming discoveries during a recent EFCC operation in Lagos was the arrest of 194 foreigners, including Chinese, Filipinos, Eastern Europeans, and Tunisians, found in one building in Victoria Island. “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 they did through cryptocurrency,” Olukoyede explained.

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He also revealed that several of the arrested individuals were ex-convicts from their home countries, some of whom had escaped incarceration and sought refuge in Africa, not just Nigeria. “We discovered that they are also developing cells in some other African countries by virtue of the investigation we are carrying out,” he added.

Olukoyede expressed his concerns over how insurgents and bandits are able to sustain their operations, attributing their resilience to the influx of small arms and light weapons across Nigeria’s borders and the illegal exploitation of natural resources by non-state actors. He underscored the need for collaborative efforts at both national and continental levels to combat internet fraud, stressing the national security risks posed by foreign crime syndicates.

“All security, intelligence and law enforcement organisations in Nigeria and indeed Africa, must close ranks in dealing with this challenge,” he said.

The EFCC Chairman also highlighted the persistent security challenges Nigeria has faced over the past two decades, including insurgency, banditry, and kidnappings, which he partially attributed to the actions of non-state actors. “At the level of the EFCC, we have always been suspicious of the activities of non-state actors in the areas where we are challenged security-wise,” Olukoyede stated, specifically mentioning the role of non-governmental organizations (NGOs) in the Northeast region.

He revealed that the EFCC has been focusing on monitoring the activities of NGOs, especially foreign ones, operating in the region. “This was a major impetus for the decision to mandate their registration with SCUML, Special Control Unit against Money Laundering, a department in EFCC, and a clear directive to notify the Commission on cash movements within the region,” Olukoyede explained.

In his address, NISS Commandant Joseph Obule Odama, represented by Ngele, praisedOlukoyede’s leadership in tackling corruption, money laundering, and other financial crimes. He noted that the EFCC’s efforts have not only bolstered Nigeria’s integrity but also served as a model for other nations across Africa and beyond.

“Your Commission’s exploratory activities have uncovered the intricate networks through which some NGOs and other entities channel funds to support hostile non-state actors, thereby fueling instability in various parts of the country and the African Continent,” Odama said.

This alarming development calls for heightened vigilance and coordinated action to address the growing influence of foreign fraudsters and their damaging impact on Nigeria’s security and economy.

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