The Economic and Financial Crimes Commission (EFCC) has arrested 193 foreign nationals in a busted operation against a cybercrime and cryptocurrency fraud syndicate in Lagos.
Ola Olukoyede, the executive chairman of the Economic and Financial Crimes agency, announced on Monday that the agency had detained 792 individuals in a landmark operation for their involvement in cryptocurrency investment fraud and romance scams.
The EFCC said the 193 foreign suspects were among 792 people seized during a raid last Tuesday at the seven-story Big Leaf Building on No. 7 Oyin Jolayemi Street, Victoria Island.
During a press briefing at the Commission’s Lagos Zonal Directorate, Olukoyede said the 193 foreigners were 148 Chinese, 40 Filipinos, two Kazakhstani citizens, one Pakistani, and one Indonesian.
Olukoyede, who was represented by the EFCC’s Director of Public Affairs, Wilson Uwujaren, stated that the foreign nationals used the facility, which could be mistaken for the corporate headquarters of a financial institution, to train their Nigerian accomplices on how to initiate romance and investment scams, as well as to use their Nigerian accomplices’ identities to carry out their criminal activities.
“This is a significant victory in our fight against financial crimes.
“These criminals, both local and foreign, thought Nigeria would be a haven, but we’ve proved otherwise,” said the EFCC boss.
He said the syndicate used the building as a base for recruiting and training young Nigerians in cyber fraud, adding that investigators discovered high-end desktop computers on every floor, with the fifth floor alone housing 500 SIM cards linked to local telecom networks.
“The Nigerians were trained to use fake profiles to engage victims on social media platforms like WhatsApp, Instagram, and Telegram.
“They were taught to initiate conversations that often led to investments on a fake platform, www.yooto.com, where activation fees started at $35.
“Once the victims were hooked, the foreign kingpins took over the scam, excluding their Nigerian accomplices from the transactions.”
He noted that investigations revealed that the Nigerian accomplices were neither given formal contracts nor paid through corporate accounts. Instead, payments were made in cash or via individual bank accounts.
“These foreigners exploited Nigeria’s reputation as a hub for online fraud to disguise their criminal enterprises,” Olukoyede said.
He also mentioned that the arrest showed that not all scams originating from Nigeria were carried out by Nigerians.
The EFCC took various items from the suspects who had given statements, including desktop computers, mobile phones, laptops, and automobiles, as well as their devices for forensic investigation.
He also stated that the commission was working with foreign partners to discover linkages to global crime networks, emphasising that the suspects were being held on legal remand warrants and would face prosecution soon.
“This operation sends a clear message: criminals, whether local or foreign, will find no hiding place in Nigeria,” Olukoyede added.
The EFCC has committed to continuing its war on financial crimes, with the goal of restoring Nigeria’s reputation and ensuring justice for victims globally.
