In a significant crackdown on cybercrime, Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested 792 individuals in Lagos for their alleged involvement in extensive cryptocurrency investment and romance scams. This operation, conducted on December 10, 2024, is considered the largest single-day action against such fraudulent activities in the nation’s history.
The EFCC’s raid targeted a seven-story building known as the Big Leaf Building, located at No. 7, Oyin Jolayemi Street, Victoria Island, Lagos. This facility, designed to resemble a legitimate corporate entity, was allegedly used as a hub for orchestrating online scams. Among the 792 suspects apprehended were 193 foreign nationals, including 148 Chinese, 40 Filipinos, two individuals from Kazakhstan, one Pakistani, and one Indonesian. The remaining 599 suspects were Nigerians.
The syndicate reportedly employed a sophisticated scheme combining elements of romance and cryptocurrency investment fraud, commonly referred to as “pig butchering” scams. In this approach, scammers establish fake romantic relationships or offer bogus investment opportunities to gain victims’ trust. Once trust is secured, victims are coerced into transferring funds into fraudulent cryptocurrency schemes. The operation primarily targeted individuals in the United States, Canada, Mexico, and various European countries.
According to EFCC spokesperson Wilson Uwujaren, Nigerian accomplices were responsible for initiating contact with potential victims through phishing tactics on social media and messaging platforms such as WhatsApp and Instagram. After establishing initial contact, foreign nationals within the syndicate would assume control, executing the fraudulent activities that led to financial losses for the victims.
The EFCC has indicated that it is collaborating with international partners to investigate potential links between the arrested individuals and organized crime networks. This case underscores the global nature of cybercrime and the necessity for cross-border cooperation in combating such illicit activities. Ken Gamble, co-founder of cybercrime investigative firm IFW Global, noted that Chinese organized crime groups are expanding their operations into regions with weaker cybersecurity enforcement, including parts of Africa. These groups bring advanced technology and infrastructure, enabling local scam syndicates to enhance their operations.
The financial and emotional toll on victims of these scams is substantial. In the United Kingdom alone, romance fraud has led to losses of approximately £100 million annually, with older adults being particularly vulnerable. The EFCC’s successful operation is a critical step toward mitigating such fraudulent activities and protecting potential victims worldwide.
The arrested individuals are currently in custody, with the EFCC preparing to charge them in court following the completion of investigations. Items seized during the raid include desktop computers, mobile phones, laptops, and vehicles, which are expected to serve as evidence in the forthcoming legal proceedings.
EFCC Chairman Ola Olukoyede emphasized the agency’s commitment to eradicating cybercrime, stating that there will be no hiding places for criminals in Nigeria. He also highlighted the disturbing trend of foreign nationals exploiting Nigeria’s reputation to establish fraudulent enterprises within the country.
The EFCC’s large-scale operation in Lagos represents a significant victory in the fight against cybercrime, particularly schemes involving cryptocurrency and romance scams. The arrests highlight the complex, international nature of these fraudulent networks and the importance of global cooperation in addressing such challenges. As the digital landscape continues to evolve, law enforcement agencies worldwide must remain vigilant and proactive to protect individuals from increasingly sophisticated cyber threats.