The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has alerted Nigerians that organized foreign fraud syndicates are establishing cells in Nigerian cities and recruiting young Nigerians into serious organized cybercrimes, including cryptocurrency fraud.
He made the disclosure in Abuja on Wednesday, February 26, 2025 while receiving participants of the Executive Intelligence Management Course, EIMC 18 of the National Institute for Security Studies, NISS, led by the Director of Studies, Hyginus Ngele to the Commission. Olukoyede expressed surprise on how bandits and insurgents are able to sustain their activities over the years, stressing that the flow of small arms and light weapons across our borders and the involvement of non-state actors in the illegal exploitation of minerals in parts of the country all compound the threats in the security landscape.
“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 said. Speaking further, he stated that by virtue of EFCC’s recent discovery “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”.
“In the special operations we carried out in Lagos recently, we arrested 194 foreigners in the heart of Victoria Island. One hundred and ninety-four of them, Chinese, Filipinos, Eastern Europeans, Tunisians and the like in one building at a time. 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”.
“Another thing that we discovered is that some of the foreigners we arrested were already ex-convicts in their countries. Some of them have been convicted and escaped from their countries and found safe haven in Africa, not only Nigeria. We discovered that they are also developing cells in some other African countries by virtue of the investigation we are carrying out,” he said.
The EFCC’s boss called for spirited efforts at both national and continental levels to combat the menace of internet fraudsters, stressing that the money laundering and national security dimension of the presence of foreign organized crime groups demand close scrutiny. “All security, intelligence and law enforcement organizations in Nigeria and indeed Africa, must close ranks in dealing with this challenge,” he said.
Olukoyede decried the fact that Nigeria, for nearly two decades, has been besieged by all manners of security challenges ranging from insurgency, banditry, kidnapping for ransom and farmer/herder clashes, which he partly blamed on activities of non-state actors. Specifically, he noted that the role of non-state actors in stoking the embers of security and corruption challenges has not been fully interrogated.
“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. In the Northeast for instance, the activities of local and international NGOs have been under focus. 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,” he said.
Earlier in his speech, NISS Commandant, Joseph Obule Odama who spoke through Ngele praised Olukoyede’s leadership of the EFCC for the Commission’s “remarkable achievements in combating corruption, money laundering, and other financial crimes,” noting that the achievements “have not only strengthened Nigeria’s integrity but have also served as a model for other nations in Africa and beyond.” He further noted that the EFCC, under Olukoyede, has been at the forefront of investigating and prosecuting financial crimes, including those involving non-state actors.
“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. “We recognize the critical role the EFCC plays in disrupting these networks and ensuring accountability. In light of this, we are particularly interested in hearing your insights on how your Commission navigates the complexities of investigating and prosecuting cases involving non-state actors”.
“ We also seek your contributions on how Nigeria and other African nations can strengthen legal and institutional frameworks to address the challenges posed by these actors while promoting transparency and accountability in their operations”.
Members of the NISS EIMC 18, comprised 74 senior officers, drawn from Nigeria’s intelligence community, the military, law enforcement agencies, including the EFCC, strategic government ministries, and representatives from the federal and state governments and international participants from Ghana, Somalia, Rwanda, and The Gambia. The theme for EIMC18 is “Non-state Actors in Security Management: Issues, Challenges, and Prospects for Peace and Development in Africa,” which according to Ngele “was carefully selected in recognition of the growing influence of non-state actors in shaping the security landscape across the continent.”
Part of the highlights of the visit featured an enlightenment and question and answers session, moderated by the Director of EFCC’s Public Affairs Department, Commander of the EFCC, CE Wilson Uwujaren. Director of SCUML, Commander of the EFCC, CE Daniel Isei, Director Special Duties, Office of the Executive Chairman, CE Friday Ebelo and Director Legal and Prosecution, CE Sylvanus Tahir, SAN, offered insights on what the EFCC has done in strengthening the anti-corruption engagements through its diverse activities.
