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Nigeria lost $706m to cybercrimes as EFCC closes 300 bank accounts

According to the Economic and Financial Crimes Commission (EFCC), Nigeria annually loses $500 million to cybercrimes.

Ola-Olukoyede is the new EFCC Chairman [Solacebase]

Speaking in Abuja during a press briefing, Olukoyede cited a report from the Nigerian Communications Commission (NCC) for 2022, highlighting that Nigerian banks suffered a loss of ₦8 billion due to cybercrimes alone.

He further noted that according to the same report, Nigeria annually loses $500 million to cybercrimes.

Olukoyede, in discussing the recent increase in foreign exchange rates, emphasised the Commission's commitment to combatting corruption and financial wrongdoing and stimulating economic growth.

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He highlighted the Commission's recent actions to intervene in forex manipulation and safeguard the naira, including freezing over 300 accounts.

Regarding the Commission's ongoing efforts to combat financial crimes, he outlined reform plans to prevent government resource embezzlement. He stressed the crucial step of investigating government processes and procedures.

According to Arise TV, the EFCC boss mentioned that according to the NCC report covering 2022, Nigerian banks suffered a loss of ₦8 billion due to cybercrimes during that year. He noted that the Commission is anticipating the release of the 2023 report.

Olukoyede emphasised that 71 per cent of the nation's industries experienced some form of cyber-attack in 2022, resulting in Nigeria losing $706 million to cybercrimes.

He pointed out that while the FBI data indicated Africa was accountable for 60 per cent of global cybercrime between 2018 and 2021, Nigeria alone contributed to 50 per cent of that figure.

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