Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has warned that organized foreign fraud syndicates are setting up operations in Nigerian cities and recruiting young people into sophisticated cybercrimes, including cryptocurrency fraud.

EFCC spokesperson Dele Oyewale disclosed this in a statement on Thursday in Abuja, following Olukoyede’s address to participants of the Executive Intelligence Management Course (EIMC) 18 from the National Institute for Security Studies (NISS). The delegation, led by the institute’s Director of Studies, Hyginus Ngele, visited the EFCC headquarters on Wednesday.

Olukoyede expressed concern over how criminal groups, including insurgents and bandits, have managed to sustain their operations in Nigeria for years. He highlighted the unchecked movement of small arms across borders and the illegal exploitation of mineral resources by non-state actors, emphasizing how these issues contribute to national security threats.

“A recently uncovered trend that deserves urgent attention is the presence of foreign fraud syndicates setting up cells in Nigerian cities," Olukoyede revealed. "These groups are actively recruiting young Nigerians into complex cybercrimes, including cryptocurrency fraud.”

He further stated that intelligence gathered by the EFCC suggests these syndicates may be using cryptocurrency to facilitate illegal arms imports into the country.

In a recent special operation in Lagos, the EFCC arrested 194 foreigners in a single building in Victoria Island. The suspects included Chinese, Filipinos, Eastern Europeans, and Tunisians, many of whom lacked valid visas and conducted financial transactions exclusively through cryptocurrency.

Olukoyede also revealed that investigations showed some of the arrested individuals were ex-convicts who had fled their home countries to seek refuge in Africa. “These groups are not only expanding within Nigeria but are also forming cells in other African countries,” he noted.

The EFCC chairman called for stronger national and continental efforts to tackle internet fraud, emphasizing the urgent need for collaboration among security, intelligence, and law enforcement agencies in Africa.

Speaking on behalf of NISS, Commandant Joseph Odama, through Ngele, commended Olukoyede’s leadership, praising the EFCC for its strides in fighting corruption, money laundering, and financial crimes.

He highlighted the agency’s role in uncovering how certain NGOs and other entities channel funds to support criminal activities, destabilizing both Nigeria and the African continent. He urged greater cooperation between Nigeria and other African nations to strengthen legal frameworks and promote transparency in combating organized crime.