The Economic and Financial Crimes Commission (EFCC) is urging the Nigerian government to approve a 300% increase in its annual budget to strengthen efforts against escalating financial crimes, particularly cybercrime and cryptocurrency fraud, which have caused substantial financial losses across the country.
During an oversight visit to the EFCC headquarters in Abuja on Monday, the Senate Committee on Anti-Corruption and Financial Crimes was briefed by EFCC Chairman Ola Olukoyede, who emphasized the urgent need for enhanced technological resources, including advanced software to investigate virtual currencies. The EFCC estimates that fraudulent crypto trading has resulted in losses amounting to N3.4 billion.
Olukoyede highlighted the agency’s achievements in 2023, including nearly 3,500 convictions, some of which were high-profile cases. Additionally, the EFCC has made significant financial recoveries, tracing and recovering nearly N250 billion in cash, millions of dollars in foreign currencies, and various real estate properties.
