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The Economic and Financial Crimes Commission (EFCC) has taken a significant step towards safeguarding the Nigerian economy and protecting the Naira against cybercrime.
In an effort to prevent another potentially devastating attack on the country’s financial system, the EFCC has frozen over 300 bank accounts since Monday.
This decisive action comes in response to a recent report by the Nigerian Communications Commission (NCC), which revealed that Nigerian banks lost N8 billion to cybercrimes in 2022 alone.
Ola Olukoyede, the Chairman of EFCC, disclosed this information while addressing journalists in Abuja.
He emphasized the importance of not only fighting corruption and financial crimes but also working on initiatives to stimulate the economy.
The decision to freeze these bank accounts is part of a broader effort to combat forex manipulation activities and prevent further attacks on the Naira.
The EFCC’s proactive measures also include introducing a reform agenda aimed at preventing the looting of government resources.
This begins with the investigation of processes and procedures within the government itself.
According to the NCC report for the year ending 2022, 71 percent of the country’s industries reported experiencing some form of cyber-attack, resulting in a total loss of $706 million to cybercrimes in Nigeria.
The FBI has previously reported that between 2018 and 2021, Africa was responsible for 60 percent of global cybercrime perpetrators, with Nigeria accounting for 50 percent of that number.
In light of these alarming statistics, the EFCC’s actions are a much-needed step towards ensuring the financial security and stability of Nigeria’s economy.
As the fight against cybercrime continues, the EFCC’s efforts to freeze over 300 bank accounts serve as a strong message to those engaging in illicit financial activities.
It is a clear indication that the Nigerian government is taking a firm stance against corruption and cybercrime, prioritizing the protection of its financial system and the well-being of its citizens.
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