Organized Foreign Fraud Syndicates Establishing Cells in Nigerian Cities – EFCC Chairman, Mr. Ola Olukoyede

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised alarm over the growing presence of organized foreign fraud syndicates setting up operations in major Nigerian cities.

Speaking at a recent security briefing, Olukoyede revealed that these international criminal groups have been establishing cells across the country to carry out sophisticated internet fraud schemes, often targeting individuals and businesses both locally and abroad.

Olukoyede expressed deep concern about the increasing involvement of foreign syndicates in Nigerian financial crimes, noting that their presence was not only harming the country’s economy but also tarnishing its international reputation. He emphasized that these syndicates, in collaboration with local criminals, are exploiting Nigeria’s growing online activity and technological advancements to execute various forms of cybercrimes, including romance scams, phishing, investment fraud, and online money laundering.

"Organized foreign fraud syndicates are now establishing cells in different Nigerian cities," Olukoyede said. "They are using these cells to facilitate fraudulent activities, often in collaboration with local criminals, and their operations are becoming more complex and widespread. This is a significant threat to our economy, and we are committed to dismantling these networks."

The EFCC chairman further disclosed that the commission has been intensifying its efforts to track down and disrupt the operations of these syndicates, through both local and international cooperation. He noted that the EFCC is working closely with global law enforcement agencies and cybercrime units to dismantle the networks and ensure perpetrators are brought to justice.

Olukoyede’s statement comes amid a surge in online fraud cases across Nigeria, with many unsuspecting victims falling prey to fraudsters who often operate from different parts of the world. The increasing sophistication of internet fraud tactics has made it harder for individuals to detect scams, resulting in significant financial losses for both Nigerians and foreign nationals.

The EFCC has pledged to continue its crackdown on cybercrime, vowing to adopt new strategies and technologies to stay ahead of criminal syndicates. The commission also urged Nigerians to remain vigilant and report any suspicious online activities to the relevant authorities.

As the threat of organized foreign fraud syndicates continues to grow, the EFCC’s efforts to protect Nigeria’s financial system and uphold the rule of law remain crucial in the fight against cybercrime.