The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the growing presence of organised foreign fraud syndicates operating in Nigerian cities.
Speaking while receiving participants of the Executive Intelligence Management Course (EIMC) 18 from the National Institute for Security Studies, led by Director of Studies Hyginus Ngele, Olukoyede revealed that these criminal groups are recruiting young Nigerians into sophisticated cybercrimes, including cryptocurrency fraud.
EFCC spokesperson Dele Oyewale disclosed this in a statement on Wednesday.
Olukoyede highlighted that little attention has been given to the recent discovery of foreign fraud syndicates setting up operational cells across Nigerian cities.
These groups, he warned, are luring young Nigerians into organised cybercrime activities, particularly those involving cryptocurrency.
He further expressed concern over the possible use of cryptocurrency for illicit activities, including arms smuggling.
“We are beginning to see indications that many of these individuals are involved in the illegal importation of arms into the country, using cryptocurrency as a payment method. This is a matter that should concern us all,” he stated.
Citing a recent EFCC operation in Lagos, he revealed that 194 foreigners were arrested in a single building on Victoria Island.
“Among those apprehended were Chinese, Filipinos, Eastern Europeans, Tunisians, and others. Some did not possess valid visas, and most of their financial transactions were conducted through cryptocurrency,” he added.
Olukoyede also pointed out that some of the arrested foreigners were ex-convicts who had escaped from their home countries and sought refuge in Africa, including Nigeria.
“Our investigation has revealed that these syndicates are not only operating in Nigeria but are also establishing cells in other African nations,” he noted.
