The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised concerns about the growing presence of foreign fraud syndicates setting up cells in Nigerian cities. These criminal groups are recruiting young Nigerians into serious cybercrimes, including cryptocurrency fraud. The revelation was made public in a statement from EFCC Spokesperson, Dele Oyewale, on Thursday, February 27, in Abuja.
Olukoyede shared this information during a meeting with participants of the Executive Intelligence Management Course (EIMC) 18 from the National Institute for Security Studies (NISS) in Abuja, which was led by the institute’s Director of Studies, Hyginus Ngele.
In his address, Olukoyede also expressed concern about the ongoing challenges of banditry and insurgency in the country. He pointed to the unchecked flow of small arms and light weapons across Nigeria’s borders and the involvement of non-state actors in illegal mineral extraction. He emphasized that these issues were aggravating the country’s security risks.
A particularly alarming development, he noted, was the growing presence of foreign fraud syndicates operating in Nigerian cities. These groups are actively recruiting young Nigerians into cybercrime activities, especially cryptocurrency fraud, and are believed to be involved in the illegal importation of arms into the country using cryptocurrency for transactions. Olukoyede stressed the need for urgent attention to this issue as it poses a significant threat to national security.
He also revealed that in a recent EFCC operation in Lagos, 194 foreigners were arrested in Victoria Island. The group, which included individuals from China, the Philippines, Eastern Europe, Tunisia, and other countries, was found engaging in financial activities primarily using cryptocurrency. Many of the arrested individuals were in Nigeria without valid visas, and investigations revealed that some were already convicted criminals in their home countries, having fled justice and sought refuge in Africa, including Nigeria.
Olukoyede further shared that these foreign criminals were also establishing similar cells in other African nations, signaling a broader, continental issue. He called for stronger collaboration at both national and continental levels to tackle internet fraud, organized crime, and money laundering, stressing the national security implications of these activities.
Earlier, NISS Commandant Joseph Odama, represented by Hyginus Ngele, commended the EFCC for its ongoing efforts in addressing corruption, money laundering, and financial crimes. He acknowledged the commission’s critical role in uncovering networks that fund non-state actors and destabilize regions, both within Nigeria and across Africa. Odama emphasized that the EFCC’s work serves as an important model for other African countries in strengthening integrity and accountability.