The Economic and Financial Crimes Commission (EFCC) has conducted its largest single-day operation against cryptocurrency and romance scam networks, arresting 193 foreigners and 599 Nigerian suspects in Lagos.
The commission’s spokesman, Wilson Uwujaren, announced this to journalists in Lagos yesterday.
According to Uwujaren, among the 193 foreigners are Chinese, Arabs, and Filipinos, who were apprehended during a decisive operation in Lagos on December 10. The group included 114 Chinese nationals, 40 Filipinos, two Kazakhstani, one Pakistani, and one Indonesian.
He stated that these individuals were part of a syndicate involved in cybercrime and cryptocurrency investment fraud.
“The suspects were apprehended in a surprise operation at their hideout, an imposing seven-storey building known as Big Leaf Building.
“The breakthrough followed actionable intelligence and months of surveillance on the syndicate’s activities.
“Investigations revealed that the foreign nationals used the facility at 7 Oyin Jolayemi Street, which resembled a corporate headquarters, to train their Nigerian accomplices in initiating romance and investment scams, along with using the identities of Nigerians to carry out their criminal activities.
“All floors were equipped with high-end desktop computers. On the fifth floor alone, investigators recovered 500 SIM cards from local telecoms, purchased for criminal purposes.
“The Nigerian accomplices were recruited by foreign kingpins to target victims online, primarily Americans, Canadians, Mexicans, and others from European countries.
“They were provided with desktop computers and mobile devices to create fake profiles and engage victims in romantic conversations and scams regarding phantom businesses and investments. For those interested, activation fees for an account on the purported online investment platform, www.yooto.com, started at $35,” Uwujaren explained.
He added that further investigations were ongoing to determine the extent of the scam and any potential connections to organized international fraud rings.
The EFCC spokesman noted that items recovered from the suspects included desktop computers, mobile phones, laptops, and cars. The suspects are currently in custody with a valid remand warrant and will be arraigned in court soon.
Experts have pointed to systemic weaknesses as contributing factors to the rise in fraudulent activities. Financial crimes expert Johnson Odaudu stated, “There is a wide crack in our institutions, from financial to security. The government knows where the lapses are. We need the political will to address these issues.”
Security expert Julius Oderinwale questioned the entry of foreigners into Nigeria, stating, “We must improve our systems to monitor foreign nationals more effectively. There are significant gaps in our security and financial systems that need addressing.”
In discussions on Trust TV’s Daily Politics , Muktar Modibbo, Secretary General of Follow the Money, emphasized community vigilance, saying, “Securing the country is not solely the responsibility of law enforcement. Residents should raise alarms about unusual activities.”
Adamu Rabi’u, a monitoring and evaluation specialist, called for greater diligence from Immigration, Customs, and other agencies at borders, asserting that there should be no excuse for foreigners entering the country without valid reasons.
