Nigeria, others to lose $10.5 trillion to cybercrimes by 2025 – EFCC boss – Nigeria – The Guardian Nigeria News – Nigeria and World News

The president of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised the alarm over projections from multiple sources that the global loss from cybercrime could reach a staggering $10.5 trillion by 2025, with approximately 2,328 cases per day.

Olukoyede made the disclosure on Tuesday in Abuja at the National Summit on Cybercrime organized by EFCC with the support of International IDEA’s Rule of Law and Anti-Corruption Program (RoLAC II) funded by the European Union.

Noting the enormity of the challenges cybercrimes pose to individuals and the nation, he lamented that the involvement of individuals and youth in crime is distorting and corrupting acceptable family values.

He said the get-rich-quick trend no longer positions young people for enterprise, resourceful intellectual aspirations and technological innovations.

He highlighted the significant challenges that cybercrimes pose to individuals and the nation, expressing concern about the impact of these activities on family values ​​and the moral fabric of society. He pointed out that the lure of quick riches has displaced young people’s aspirations from enterprise and innovation.

“The implication of all this is that, if left unchecked, cybercrimes portend grave dangers for the entire world,” he said. “These are the realities that fuel the Commission’s fight against these crimes. Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by the EFCC in my year as Executive Chairman.

“The Commission has also recovered and returned a significant portfolio of selected assets to local and foreign victims of cybercrime. Let us not forget the insinuations and misconceptions in some quarters that the Commission is concentrating its operational work on fighting against Internet crime. While this narrative is not really true, the fact is that cybercrime threatens the nation’s most important asset: its reputation and economic well-being.”

He stressed the urgency of the Commission’s fight against these crimes, noting that cybercrime has accounted for a notable percentage of the 3,455 convictions recorded by the EFCC during his tenure as Executive Chairman.

Olukoyede further stated that the Commission has successfully recovered and returned a significant portfolio of assets to local and foreign cybercrime victims. He addressed misconceptions about the EFCC’s approach, stating that while the agency prioritizes cybercrime, it remains committed to combating all forms of financial crime.

He noted that the financial services sector has suffered staggering losses due to cybercrime over the past three years, and warned against complacency that could compromise the integrity of national institutions and the future of young people.

“The losses to the financial services sector due to cybercrime in the last three years are staggering. We cannot continue to sit back and watch as the integrity of our institutions is compromised and our young people degenerate into uselessness. The future of our nation cannot and would not be allowed to hang in the balance. We must take collective action against cybercrime.

“Talking about alternatives to cybercrimes, there are broad skills that can be optimized for national development. It is this lack of serious reflection on the alternatives that has not made our young people divert the focus from criminal tendencies.

“First, there is the alternative of creative and innovative development of socially beneficial applications that can offer better prospects than Internet fraud.

“Today’s event is designed to expose young Nigerians with strong technology 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, the technology ecosystem, the financial services sector, medical services and even law enforcement,” he added.

Olukoyede called for collective action against cybercrimes and urged a shift to more productive alternatives for Nigerian youths. He pointed to the potential for creative and innovative development of socially beneficial applications that could offer better prospects than Internet fraud.

The summit aims to expose young Nigerians with strong technology skills to various legitimate opportunities for wealth creation in industries such as the creative sector, technology, financial services, medical services and law enforcement.