EFCC Smashes Massive Cybercrime Network As 792 Suspects Arrested In Nationwide Investment And Crypto Fraud Crackdown

 

A major victory has been recorded in Nigeria’s ongoing fight against financial and cyber-enabled crimes as the Economic and Financial Crimes Commission (EFCC) announced the arrest of 792 suspects linked to investment and cryptocurrency fraud. The arrests, which cut across multiple states, form part of the agency’s intensified effort to dismantle international syndicates exploiting Nigeria’s financial system for illicit gains.

Chairman of the EFCC, Ola Olukoyede, represented by the Director of Public Affairs, Wilson Uwujaren, made the revelation during a press briefing held in Abuja to mark his second anniversary in office. Olukoyede explained that the crackdown represents one of the most extensive anti-cybercrime operations in the country’s history, emphasizing that the Commission’s new strategy prioritizes intelligence-driven investigations, advanced technology, and inter-agency collaboration.

According to the EFCC boss, the large-scale operation led to the apprehension of both local and foreign suspects, including 192 non-Nigerians who were reportedly involved in organized cyberterrorism and cryptocurrency fraud networks. These foreign nationals, after being prosecuted in court, have been deported following their convictions.

A significant highlight of the EFCC’s anti-fraud campaign was the December 2024 sting operation in Lagos that uncovered one of the largest cryptocurrency fraud rings in West Africa. The suspects were found to be operating multiple fraudulent investment platforms promising astronomical returns. Investigators discovered that these networks used social media channels to lure unsuspecting Nigerians with fake testimonials and fabricated trading results.

Olukoyede noted that the arrests send a strong message to cybercriminals across the world that Nigeria will not be used as a base for fraudulent operations. He reiterated the government’s commitment to safeguarding citizens and ensuring that the country’s digital economy remains credible and transparent. “This development conveys a clear message that Nigeria will not tolerate foreigners turning it into a safe haven for cybercrimes,” he stated.

Fresh data released by the Commission revealed the scope of EFCC’s activities over the past two years. Between October 2023 and September 2025, the agency received 19,318 petitions, conducted 29,240 investigations, filed 10,525 cases in court, and secured 7,503 convictions. Olukoyede pointed out that these numbers reflect a strategic focus on tackling sophisticated financial crimes, particularly those related to cyberfraud, money laundering, and investment scams.

The EFCC chairman also highlighted an impressive record in asset recovery and forfeiture. Over the last two years, the Commission successfully secured the forfeiture of 1,502 real estate properties linked to fraudulent activities. These assets include 402 properties confiscated in 2023, 975 in 2024, and 125 so far in 2025. Among the most notable forfeitures are 753 duplex units located in Lokogoma, Abuja, and the takeover of Nok University in Kaduna State, which has been renamed the Federal University of Applied Sciences, Kachia.

Olukoyede described these achievements as vital steps toward restoring public trust in Nigeria’s financial institutions and deterring potential offenders. “The total forfeited real estate assets in two years stand at 1,502 properties, including major assets such as 753 duplex units in Lokogoma and the forfeited Nok University in Kaduna,” he explained.

In addition to property seizures, the Commission recovered staggering amounts of money within the same period. A total of ₦566,319,820,343.40 was recovered alongside foreign currencies amounting to $411,566,192.32, £71,306.25, €182,877.10, CAD $5,510.00, AUD $740.00, ¥89,859.00, ₹1,300.00, CFA 8,381,375.00, AED 70.00, SAR 310,265.00, GH₵ 225.00, R 50.00, and ₩73,000.00. These recoveries reflect the agency’s expanding global reach and collaboration with international partners in tracking illicit funds across borders.

The EFCC chairman emphasized that the Commission’s renewed approach goes beyond arrests and seizures, focusing equally on preventive strategies, public awareness, and collaboration with regulatory bodies. He urged Nigerians to remain vigilant and skeptical of online investment platforms promising unrealistic profits. According to him, the Commission’s investigations have shown that many victims fall prey to well-orchestrated Ponzi and crypto schemes disguised as legitimate businesses.

Over the past few years, Nigeria has witnessed a surge in fraudulent digital investment ventures that exploit the country’s growing interest in cryptocurrency and online trading. These scams have caused massive financial losses, with thousands of individuals losing billions of naira to operators who vanish after collecting investors’ funds. The EFCC’s crackdown, therefore, represents a significant pushback against such criminal enterprises that undermine confidence in the financial ecosystem.

Olukoyede reaffirmed that the EFCC remains resolute in its mission to track and dismantle criminal networks that prey on citizens and distort the economy. He promised that the Commission will continue to strengthen its cybercrime investigation units, upgrade digital forensic facilities, and expand cooperation with foreign law enforcement agencies.

“The EFCC is fully committed to combating cyber-enabled crimes and recovering stolen assets to reinforce public confidence and integrity within Nigeria’s financial system,” Olukoyede concluded.

With this massive operation, the EFCC appears to be setting a strong precedent for zero tolerance toward financial crime, signaling a new era of accountability in Nigeria’s cyber and investment landscape.