Olukoyede Exposes Shocking Scheme: Foreign Fraudsters Recruiting Nigerians For Cybercrime

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the increasing presence of organized foreign fraud syndicates in Nigeria, revealing that they are establishing operational cells and recruiting young Nigerians into cybercrime, including cryptocurrency-related fraud.

Olukoyede made this revelation while hosting participants of the Executive Intelligence Management Course (EIMC 18) from the National Institute for Security Studies, led by Director of Studies, Hyginus Ngele.

According to a statement issued on Wednesday by EFCC’s Head of Media and Publicity, Dele Oyewale, Olukoyede expressed concern over how foreign criminal networks are using Nigeria as a hub for their illicit activities.

He stated, “A growing but overlooked issue is the recent discovery that organized foreign fraud syndicates are setting up bases in Nigerian cities, enlisting young Nigerians into large-scale cybercrime, including cryptocurrency fraud.”

He also highlighted the alarming trend of illegal arms smuggling into Nigeria, with investigations indicating that cryptocurrency is frequently used as a payment method for these transactions.

Citing a recent EFCC operation in Lagos, he disclosed that 194 foreign nationals were arrested in a single building on Victoria Island. The suspects—comprising Chinese, Filipinos, Eastern Europeans, and Tunisians—were found to have conducted most of their financial dealings through cryptocurrency, with many lacking valid visas.

Olukoyede added, “Our investigations revealed that some of the foreigners apprehended are ex-convicts who fled their home countries and sought refuge in Africa, including Nigeria. We also discovered that these syndicates are expanding their networks to other African nations.”

Calling for a unified national and continental approach to combat internet fraud and foreign criminal syndicates, Olukoyede stressed the urgent need to address the growing links between money laundering and national security threats.

He urged all security, intelligence, and law enforcement agencies across Nigeria and Africa to collaborate in tackling this rising menace.

Additionally, the EFCC chairman pointed out the role of non-state actors in Nigeria’s security challenges, including insurgency, banditry, kidnapping, and farmer-herder conflicts. He noted that international NGOs operating in conflict-prone regions, such as the Northeast, are now required to register with the Special Control Unit against Money Laundering (SCUML) and report financial transactions to the EFCC.