Cybercrime To Cause $10.5trn Loss Globally In 2025 – EFCC Chair

The chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukayode, has warned of the dangers of cybercrime, stating that the global loss to cybercrimes may reach a staggering $10.5 trillion by 2025, with approximately 2,328 cases per day.

The EFCC chairman stated this at the National Summit on Cybercrime organised with the support of the European Union-funded Rule of Law and Anti-Corruption (RoLAC II) Programme of the International IDEA in Abuja on Tuesday.

Olukoyode also said the EFCC has secured 3,455 convictions in the past one year and most of the convictions were about cybercriminals.

According to him, “Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion by 2025, with approximately 2,328 cases occurring daily. The implication of all these is that, if left unchecked, cybercrimes portend grave dangers to the entire world.

“These are the realities stoking the Commission’s fight against these crimes. Cybercrime accounts for a significant percentage of the 3455 convictions recorded by the EFCC in my one year as executive chairman. A significant portfolio of choice assets have also been recovered and returned to both local and foreign victims of cybercrimes by the commission.”

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Also speaking at the event, the First Lady of Nigeria, Senator Oluremi Tinubu, decried the involvement of youths in cybercrime, noting that it is a threat to the nation’s stability and peace.

She said, “With young people making up of about 60 per cent of the population, it becomes a cause for concern if their involvement in cybercrimes are not monitored.”

Head of programme, International Institute for Democracy and Electoral Assistance (International IDEA), Mr. Danladi Plang, called for different ways of handling crimes, noting that the usual arrests and imprisonment were no longer yielding required results.

He said, “Nigeria has a very youthful population, that is versatile in the use of technology. This skill has been used negatively in various forms, including in digital financial crime. This has not only given the country a bad name internationally, but also a significant threat to the country’s financial system; and increased crimes against the person, including child pornography.

“While we acknowledge the effort made by the EFCC and other law enforcement agencies (LEAs) in fighting cybercrime; perhaps we need to rethink our traditional approach of arrest, trial, conviction and imprisonment in fighting crime.

“By focusing on other ways of channelling the energies of youth and their skills in the use of technology, we will strengthen our cybercrime prevention and response mechanisms; and at the same time create more legitimate opportunities for young people.”

The governors at the event included the chairman of the Nigeria Governors’ Forum (NGF) and Kwara State governor, AbdulRahman AbdulRazaq; Katsina State governor, Dikko Umar Radda, and the Zamfara State governor, Dauda Lawal; who all pledged support to the EFCC.

For his part, the Sultan of Sokoto, His Eminence Sultan Muhammad Sa’ad Abubakar III, charged the youths to shun crimes and embrace all the programmes aimed at improving their lives.