EFCC Calls for Major Budget Boost to Combat Growing Threat of Cybercrime and Crypto Fraud
The Economic and Financial Crimes Commission (EFCC) is calling on the Nigerian government to approve a 300% increase in its annual budget to strengthen its fight against financial crimes, especially cybercrime and cryptocurrency fraud, which have caused significant losses across the country.
During a visit by the Senate Committee on Anti-Corruption and Financial Crimes in Abuja on Monday, EFCC Chairman Ola Olukoyede stressed the urgent need for better technological resources to combat these crimes. He highlighted that fraudulent crypto trading has led to losses of about N3.4 billion.
Olukoyede also outlined the agency's successes in 2023, including nearly 3,500 convictions and the recovery of almost N250 billion in cash, foreign currencies, and real estate. Despite these efforts, the EFCC continues to face challenges in dealing with economic sabotage and cybercrime, which have led to losses of nearly $500 million this year.
The EFCC is seeking more funding to address these issues, particularly to invest in software needed to track cryptocurrency fraud. Olukoyede also noted the high costs and security risks associated with renting office space for its zonal offices, adding that increased funding would help improve the agency's operations.
Senator Emmanuel Udende, Chairman of the Senate Committee, supported the EFCC's request, acknowledging the critical need for resources, including technology, to combat crypto-related fraud. He also suggested that the EFCC, like the Nigeria Customs Service, should retain a portion of its recovered funds to improve its operations.
With financial crimes continuing to threaten Nigeria's economy, the EFCC’s budget increase request aims to equip the agency with the tools needed to protect the country’s financial system.