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Nigeria lost more than $500m to cybercrime in 2022 —EFCC

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The Economic and Financial Crimes Commission (EFCC) says Nigeria lost more than 500 million dollars to cybercrime in 2022, warning that if unchecked, the current cybercrime wave portended a grave danger.

EFCC Chairman, Ola Olukoyede, made this known on Tuesday in Abuja at the 2024 National Cybersecurity Summit with the theme: “Alternatives to Cybercrimes; Optimizing Cyber Skills for National Development.”

The event was organised by EFCC with the support of the EU-funded Rule of Law and Anti-Corruption (RoLAC-Phase II) Programme of the International Institute of Democracy and Electoral Assistance (International IDEA).

“Projections by multiple sources show that the global loss to cybercrimes may reach a staggering 10.5 trillion dollars.

“As a matter of fact, the research I did earlier this year confirmed that cybercrime has become the third largest GDP in the world with approximately 2,328 cases occurring daily.

“The implication of all this is that if left unchecked, cybercrimes portend grave dangers to the entire world.

“Bringing it to Nigeria, in 2022 alone, Nigeria lost over 500 million dollars to cybercrime,” he said.

Olukoyede said cybercrime accounted for a significant percentage of the convictions recorded by the agency since his one year in office as the chairman of the EFCC.

“These are the realities stalking the commission’s fight against these crimes.

“Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC,” he said.

He, however, said there were plans to re-channel the energies of young people, who are mostly perpetrators of cybercrime.

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“First, there is an alternative of creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud.

“Today’s event is tailored towards exposing young Nigerians with strong tech skills to the opportunities that abound in various industries and sectors for legitimate wealth, creation, and honest livelihood.

“These opportunities can be found in the creative industry, tech, ecosystem, financial services sector, medical services, and even law enforcement, your lens,” he said.

According to him, the fight against cybercrime is a collective one that cannot be left alone for the EFCC.

The EFCC chairman stressed the importance of engaging state governors in tackling cybercrime at all levels.

”This time around, we are not only interrogating the problems, we are aggregating workable solutions to it.

“What alternative do we have for our youth?

“And that’s where it has become imperative to bring the state governors so that as we are tackling it at the federal level, sub-nationals will also have a role to play.

“The enormity of challenges posed to us as individuals and as a country by cybercrimes are grievous as individuals,” he said.

Olukoyede noted that youth involvement in cybercrime was distorting and corrupting acceptable family values.

“The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations and technological innovations,” he said.

Also speaking, the First Lady, Sen. Oluremi Tinubu, said it was imperative to involve stakeholders to win the war against cybersecurity in the country.

She said that cybercrime was not just a crime against individuals or businesses but an assault on collective integrity, nation’s economic stability and the future of the youth.

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She expressed concern over the alarming rates of youth involvement in cybercrime and urged parents to guide their children appropriately by inculcating good values, morals and sense of patriotism in them.

The Head of Programme, International IDEA, Mr Danladi Plang, called for a rethink of the traditional approach of arrest, trial, conviction and imprisonment in fighting crime.

He said that this could be done by focusing on other ways of channelling the energies of youth and their skills in the use of technology.(NAN)

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Japa Syndrome: Invest On The Youths Before It’s Too Late – Adesina

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In recent years, a significant trend has emerged in Nigeria and across the African continent the mass emigration of young professionals, commonly referred to as the ‘Japa’ phenomenon.

This surge in migration, largely driven by the pursuit of better opportunities abroad, has been described as a “huge loss” for both Nigeria and Africa at large.

Speaking in a televised interview, Dr Akinwumi Adesina, President of the African Development Bank (AfDB) highlighted the critical need for meaningful investment in Africa’s youth to transform what should be a demographic advantage into economic growth.

Africa boasts over 465 million young people between the ages of 15 and 35 a figure that should be a source of strength. According to Adesina, this youthful population represents a potential powerhouse for development if harnessed correctly. “Our youth bulge should be our greatest asset,” he stressed.

But without adequate investment in human capital development, education, and job creation, this population could become a burden rather than a benefit.

Instead of creating an environment that fosters innovation and entrepreneurship, many governments have defaulted to short-term empowerment schemes that lack substance. “Young people don’t need token gestures. They need real capital to bring their ideas to life,” Adesina emphasised.

The former Nigerian Minister of Agriculture was firm in his stance that African youth are not looking for handouts. What they truly need is access to funding, support structures, and confidence in their abilities. Many of these young individuals already possess the skills, ideas, and entrepreneurial spirit necessary to build thriving businesses. But without financial backing, these ideas remain dormant.

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“What is required is not a monthly stipend or a one-off grant,” he argued. “What they need is venture capital, support to scale, and a system willing to take risks on them.”

Traditional banking systems across Africa, Adesina noted, are simply not designed with young entrepreneurs in mind.

“The current financial model fails our youth,” said Adesina candidly. With limited access to credit, high interest rates, and a lack of tailored financial products, African youth often find themselves locked out of the very systems that should be supporting them. “We should not be surprised they’re leaving,” he continued. “We’ve not created the conditions for them to thrive here.”

The mass migration of talent the so-called ‘Japa’ trend represents a transfer of potential economic value from Africa to the developed world. “You’re turning your demographic dividend into someone else’s advantage,” Adesina warned.

The African Development Bank has taken strategic steps to address these challenges by launching the Youth Entrepreneurship Investment Bank, a bold initiative designed to bridge the financial gap for young innovators.

The bank recently approved $100 million to establish the Nigerian Youth Entrepreneurship Investment Bank, aiming to mobilise $2 billion in investment for more than 38,000 youth-led businesses across the continent. The goal is simple but ambitious: to transform Africa’s youth from job seekers into job creators.

This initiative underscores the AfDB’s commitment to long-term economic development through sustainable, youth-focused strategies. “If we don’t invest in them now,” Adesina cautioned, “who will pay the taxes in the future? Who will fuel economic growth?”

Africa cannot afford to neglect its youth. The continent must stop exporting its potential and start nurturing it. The loss of talent through migration not only weakens local economies but also undermines Africa’s ability to shape its future.

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“We must believe in our youth,” he insisted. “Their future doesn’t lie in Europe, America, or Asia. It lies here in Africa – but only if we create the right conditions.”

Adesina drew parallels with countries like China and India, whose massive populations have been harnessed for economic transformation. Africa, he believes, can follow suit, but only if it focuses on skills development, job creation, and social protection.

With rising global trade barriers and a shift toward inward consumption, Africa must start treating its own population as a key driver of GDP. “Young people with jobs and income will spend. That consumption fuels local businesses and strengthens the economy.”

While the ‘Japa’ trend continues to grow, there remains a window of opportunity. By reversing the brain drain and channelling resources into Africa’s burgeoning youth population, the continent can turn this exodus into a comeback story. It’s time to turn Africa’s youth bulge into a beacon of prosperity, not a missed opportunity

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Abdulaziz Who Joins SDP Not Minister Of Environment’s Aide – Source Clarifies

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By Israel Bulus, Kaduna

A source from the Ministry of Environment, has distanced the Minister’s office from Abdulaziz Musa Alhassan’s recent political move, saying Abdulaziz is not currently an aide to the Honorable Minister.

The source in an exclusive interview with Elanza News on Thursday, clarified that Abdulaziz was officially released to the office of the Kaduna State Accountant General, Alh. Bashir Suleiman Zuntu and has no working relationship with the Ministry of Environment.

“For the record, Abdulaziz Musa Alhassan is no longer with the office of the Minister,” source stated.

“He was released months ago, and any attempt to tie his recent political defection to the Minister or the Ministry is entirely misleading.”

According to him, a letter obtained by the Minister’s office in March 2025 showed that Abdulaziz had sought to return as a Personal Assistant to the Minister, but the request was denied.

“In his letter, Abdulaziz appealed to be reinstated in his former capacity,” source added.

“However, the Honorable Minister did not approve the request, as the office had moved on and reassigned responsibilities.”

The source emphasized that linking Abdulaziz’s resignation from the ruling All Progressives Congress (APC) and his defection to the Social Democratic Party (SDP) with the Minister’s office is “unfounded and should be disregarded.”

He concluded by urging the public and media outlets to verify such claims before publication.

“Let it be clear that Abdulaziz acted in his personal capacity, and his political decisions do not reflect the position of the Honorable Minister or his office,” the source said.

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Nigeria to exit financial action task force grey list soon – SEC

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The Securities and Exchange Commission (SEC) has expressed optimism that Nigeria is on the verge of being removed from the Financial Action Task Force (FATF) grey list.

This confidence stems from the recent signing of the Investments and Securities Act (ISA 2025) by President Bola Tinubu.

Director-General, SEC, Dr. Emomotimi Agama, confirmed this in a statement on Wednesday.

A key component of this new legislation is the inclusion of comprehensive regulations for digital assets, a factor that the FATF has emphasised in its assessment of countries on the grey list.

The News Agency of Nigeria (NAN) reports that Nigeria was placed on the FATF “grey list” on Feb. 24, 2023, alongside other jurisdictions.

This was due to deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) regime.

Agama said the inclusion of digital assets in the ISA 2025 provided the country with an avenue to exit the grey list.

He noted that the new law aimed to curb fraudulent activities in the digital space, fostering trust and innovation in blockchain technologies.

He said, “The AML CFT issue is what brought about our inclusion in the grey list; the inclusion of this law today provides us an avenue to exit that grey list, and that is very critical to the international community.

“We are telling the international community that we are ready for business, and we are ready to protect every business that operates within Nigeria and all those involved in such activities within Nigeria.”

Agama emphasised that trading in cryptocurrencies does not translate into a weaker Naira.

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He explained that the commission was going to provide guidance for all the actors to ensure that their acts do not go against the national interest.

He said, “SEC now has the power to clamp down on such entities. So, we encourage everyone who is in this space to come under regulation to seek clearance.

“To seek guidance for whatever reason, and we are ready and able to provide solid guidance so that at least the national economic interest is truly protected.

“So we believe that the regulation, the law itself, will bring succor to them, because once clarity is provided, they are safer in dealing in this kind of businesses.

“The essence of regulating is to provide fences around the institutions, the products, the persons involved in it, and to make sure that they do not involve in things that are illegal.

“We are working with the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Nigeria Financial Intelligence Unit, and the Office of the National Security Adviser on the regulation of this space, in order that it should not be inimical to the existence of Nigeria as a country.

“We want to make sure that everyone that is involved in this space is properly guided, because for every investment, even when it is a traditional investment, there’s usually the risk aspect of it. That risk aspect of it is what we are managing.”

Agama disclosed that the commission is currently carrying out moderated regulation as it is not possible to grant licenses to all those that have applied to operate in the space at the same time.

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“SEC currently has two programmes: the regulatory incubation programme and the accelerated incubation programme, which are tools that will aid in the evaluation of the risks that the institutions pose to the Nigerian economy and its citizens.

“It is a process, and in the next quarter, we are going to release the next cohort, and after the evaluation of what has happened in the last two quarters, we are going to do that release in this next quarter.

“We are happy to note that the processes around that are almost concluding, and we will inform the public of the outcome very soon,” he said.

He noted that in a bid to deal with challenges that may arise in the process of regulation, the Commission was introducing risk management as a legal instrument to guide the operations of capital market operators and the issuances of securities.

He said this was also to be able to mitigate any risk that will arise in the nearest future.

“Now, once this happens, the tendency is that investors will be more confident, because they know that we have their back.

“That certainly will improve investor protection.

“Therefore, KYC is also beefed up through the risk management process today.

“That also helps us to be able to seek out genuine investors from people who do not mean well for the market, and that also will improve investors’ protection,” he said. (NAN)

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