The Economic and Financial Crimes Commission (EFCC) said on Tuesday that Nigeria lost more than $500 million to cybercriminals in just one year.
The agency also explained why many public servants turn to corruption, saying their salaries are no longer enough to cover basic living expenses.
EFCC Chairman Ola Olukoyede made the remarks at the commission’s headquarters in Abuja during a visit by the Managing Director of the Consumer Credit Corporation (CREDICORPS), Uzoma Nwagba.
Olukoyede linked the rise in cybercrime among young Nigerians to poverty and poor access to education. He said the situation led to the creation of NELFund.
He said, “In 2022 alone, we lost over $500 million to the activities of cyber criminals, most of whom are young people who are supposed to be in school. We are not just interested in sending them to jail.
“When we interrogate some of them, they tell us, we want to go to school. We want to graduate with a certificate, but we cannot afford it. That was how the idea of NELFund came, and we said that we needed to support the Fund.”
Speaking on corruption in the public service, Olukoyede said many workers struggle to pay for housing, transport, their children’s education and feeding.
He added that giving workers access to affordable mortgages and long-term consumer loans would ease financial pressure and reduce the temptation to seek wealth through illegal means.
