• ’$500m lost last year to cybercriminals’
• Anti-graft agency unveils rapid response desk
Youth involvement in cybercrimes is a threat to economic stability, First Lady Oluremi Tinubu said yesterday.
She canvassed collaborative efforts to channel the energy of the youths towards positive cyber activities, do away with a “get-rich mentality” and embrace hard work as the surest way to success.
She spoke at the EFCC National Cybercrime Summit in Abuja.
The summit organised by the Economic and Financial Crimes Commission (EFCC), put together stakeholders against cybercrime.
The highlight was the unveiling of the 24/7 Rapid Response Desk to combat cybercrimes such as ‘’business email compromise, identity theft, sextortion, cryptocurrency investment fraud, otherwise called pig butchering, local bank account takeovers, WhatsApp takeovers, ransomware attacks, and others.”
The First Lady said: “I am informed that thousands have been arrested, prosecuted, and convicted, yet there is no indication that the number of those involved is decreasing. With young people accounting for more than 60 percent of the population, their involvement in cybercrimes is a threat to the nation’s quest for economic development and stability.”
Governors AbdulRahman AbdulRazaq(Kwara), Inuwa Yahaya (Gombe), Dikko Radda(Katsina); Dauda Lawal (Zamfara); Minister State for Youths, Ayodele Wisdom; Ooni of Ife Oba Adeyeye Ogunwusi and Sultan of Sokoto Muhammad Sa’ad Abubakar III were among dignatories present.
Youths accounted for a significant percentage of the 3,455 convictions secured by the EFCC for cybercrimes last year.
In 2022, Nigeria lost $500 million to cyber criminals.
Speaking at the event, the First Lady, expressed concern over the involvement of youths in cybercrime, despite thousands of arrests, prosecutions, and convictions.
Noting that the youth, accounting for over 60 percent of the nation’s population, Senator Tinubu advocated collaboration, between law enforcement agencies, educational institutions, private sector entities, religious leaders, traditional rulers, business leaders, communities, and civil societies to tackle the menace.
She stressed the importance of instilling values such as hard work, honesty, and dignity of labour in youths, with parents playing a pivotal role.
Parents and guardians, according to her, must inculcate responsible behaviour in their children and wards, foster open communication, and address youths’ fears and insecurities.
She also highlighted the need to redirect youths toward productive online activities, warning that criminal convictions deny them rights and privileges, thereby hindering national economic growth.
She said: “Combating cybercrimes requires a multifaceted approach that involves various stakeholders, including parents, law enforcement, educational institutions, the private sector, religious leaders, traditional rulers, business leaders, communities, and civil societies.
“It is crucial that we emphasise and entrench the culture of hard work, rooted in honesty and dignity of labour, among our teeming youth. In this regard, parents play a pivotal role in raising and guiding their children and wards to be God-fearing, embrace positive values and morals, and be patriotic.
“Bonds of trust and understanding should also be created between parents and their children to allow for open communication, whereby their fears and insecurities could be addressed.
“As a mother, I am of the strong opinion that it is of utmost importance to instill in our children and youths, the essence of ethical and religious values. The Holy Bible in Proverbs 22:6 says, ‘Train up a child in the way he should go; and when he is old, he will not depart from it’.
“Parents must model responsible behaviour themselves. We must take proactive steps about renewing and redirecting the minds of our youth towards productive and honest living in our daily interactions with them, and always be present.
“We must always bear in mind that Nigeria is all we have, hence the need for all to work together to sustain the glory of our nation. As pointed out in the scriptures, ‘…that the profit of the earth is for all: the king himself is served by the field’. (Ecclesiastes 5:9).
“We cannot risk the dangerous possibility of having many of our young and creative talents excluded from active involvement in national developmental efforts. Criminal conviction has grave implications as felons are denied some rights and privileges under the constitution. No economy can thrive if its most active and talented youths are sold to crime.”
In his welcome address, EFCC Chairman Ola Olukoyede put global cybercrime losses at $10.5 trillion, making it the World’s third-largest economy, with approximately 2,328 daily cases.
He said the EFCC recovered significant assets for Nigerians and foreigners scammed by cybercriminals.
Olukoyede addressed concerns about the EFCC’s focus on internet crimes, reaffirming cybercrime’s threat to the nation’s reputation, economic well-being, and key assets.
He stressed the importance of engaging state governors in tackling cybercrime at all levels.
The EFCC boss said: “This time round, we are not only interrogating the problems, we are aggregating workable solutions to it. What alternative do we have for our youth? And that’s where it has become imperative to bring the state governors so that as we are tackling it at the federal level, sub-nationals will also have a role to play.
“The enormity of challenges posed to us as individuals and as a country by cybercrimes are grievous as individuals. Youths’ involvement in these crimes is distorting and corrupting acceptable family values.
‘’The tendency towards quick riches no longer positions our young people for enterprise, resourceful intellectual aspirations, and technological innovations.
“Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion, as a matter of fact, the research I did earlier this year confirmed that cybercrimes has become the third largest GDP(Gross Domestic Product) in the world, with approximately 2,328 cases recorded daily.
“The implication of all this is that, if left unchecked, cybercrimes portend grave dangers to the entire world.
“Bringing it to the local arena, in 2022 alone, Nigeria lost over $500 million to cybercrimes. These are the realities stalking the commission’s fight against these crimes.
‘’Cybercrimes account for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the executive chairman of EFCC.
“A significant portfolio of choice assets have also been recovered and returned to both local and foreign victims of cybercrimes by the commission. We are not oblivious to insinuations and misconceptions in some quarters that the commission is concentrating its operational works on the fight against internet crimes.
“While this narrative is not true, the fact remains that cybercrime threatens the nation’s most significant assets, its reputation and economic wellbeing.”
Governor AbdulRazaq, who is also the Chairman of the Nigerian Governors’ Forum (NGF), commended the EFCC for organising the summit. He expressed confidence that it would lead to better-informed strategies against cybercrimes and a stronger national campaign.
