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The Economic and Financial Crimes Commission (EFCC) has apprehended 792 suspects, including 193 foreign nationals, in a major operation targeting a cybercrime and cryptocurrency fraud syndicate in Lagos.
EFCC Executive Chairman, Ola Olukoyede, disclosed on Monday that the suspects were arrested during a coordinated raid last Tuesday at the seven-storey Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island.
Speaking through the Director of Public Affairs, Wilson Uwujaren, Olukoyede revealed that the arrested foreigners included 148 Chinese nationals, 40 Filipinos, two Kazakhstani citizens, one Pakistani, and one Indonesian.
The EFCC boss explained that the foreign nationals, operating from a facility resembling a financial institution’s headquarters, trained Nigerian accomplices in orchestrating cyber fraud, romance scams, and cryptocurrency investment fraud.
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“This marks a significant milestone in our efforts to combat financial crimes,” Olukoyede said. “These criminals, both local and foreign, assumed Nigeria would be a safe haven, but we have proven otherwise.”
He detailed how the syndicate used the building as a hub to recruit young Nigerians, training them to exploit social media platforms such as WhatsApp, Instagram, and Telegram. Investigators uncovered high-end desktop computers across all floors, with the fifth floor alone containing 500 SIM cards connected to local telecom networks.
The Nigerians were tasked with creating fake profiles to lure victims, often directing them to a fraudulent investment platform, www.yooto.com, where activation fees started at $35. Once victims became engaged, the foreign masterminds took over the operations, sidelining their Nigerian associates.
Olukoyede emphasized that the Nigerian accomplices were not formally employed nor paid through corporate accounts, as payments were made in cash or via individual bank accounts. “These foreigners exploited Nigeria’s online fraud reputation to conceal their criminal operations,” he noted.
He further stressed that the operation debunked the stereotype that all scams originating in Nigeria were perpetrated by Nigerians alone.
The EFCC seized a range of items, including desktop computers, mobile phones, laptops, and vehicles, all of which are undergoing forensic analysis. Statements have been obtained from the suspects, and the commission is collaborating with international partners to uncover links to global crime networks.
Olukoyede stated that the suspects were being held under valid remand warrants and would be prosecuted swiftly.
“This operation is a warning: criminals, whether local or foreign, will find no refuge in Nigeria,” he declared.
The EFCC reiterated its commitment to intensifying efforts against financial crimes to restore Nigeria’s global reputation and ensure justice for victims.
