Cybercrime Will Gulp $10.5trn In 2025 – EFCC

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, held in Abuja on Tuesday with the support of the European Union-funded Rule of Law and Anti-Corruption (RoLAC II) Programme of the International IDEA.

Olukayode also said the EFCC has secured 3,455 convictions in the past year, most of which are cybercrime fraudsters.

He states, “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 has also been recovered and returned to both local and foreign victims of cybercrimes by the commission.”

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

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

The head of the Programme at the International Institute for Democracy and Electoral Assistance (International IDEA), Mr Danladi Plang, called for different ways of handling crimes, noting that the usual arrest and imprisonment no longer yield the required results.

He said, “Nigeria has a very youthful population that is versatile in the use of technology. This skill has been used negatively, 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 economic 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.

“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, simultaneously, create more legitimate opportunities for young people.”

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

The Sultan of Sokoto, H.M. Sultan Muhammad Sa’ad Abubakar III, charged the youths to shun crimes and embrace all the programmes to improve their personality.