The Economic and Financial Crimes Commission, EFCC, has announced the arrest of 792 suspects linked to investment and cryptocurrency-related fraud schemes across Nigeria.
The revelation was made by EFCC Chairman, Ola Olukoyede, who was represented by the Director of Public Affairs, Wilson Uwujaren, during a press briefing in Abuja on Thursday to mark his second year in office.
Olukoyede disclosed that the suspects included 192 foreign nationals, who were arrested alongside their Nigerian collaborators and prosecuted for offenses related to cyberterrorism and cryptocurrency fraud.
“Another notable arrest and prosecution was the case of 792 investment and cryptocurrency fraud suspects apprehended in a sting operation in Lagos in December 2024. The syndicate included 192 foreigners, who have since been prosecuted for cyber-terrorism and cryptocurrency fraud and deported,” he stated.
He emphasized that the successful operation sends a clear signal that Nigeria will not be used as a sanctuary for global cybercriminal networks.
“This development conveys the message that Nigeria will not tolerate foreigners turning it into a safe haven for cybercrimes,” he added.
According to statistics released by the EFCC, the agency received 19,318 petitions, conducted 29,240 investigations, filed 10,525 cases in court, and secured 7,503 convictions between October 2023 and September 2025.
Olukoyede explained that these achievements reflect the commission’s increased determination to tackle complex financial crimes such as cyberfraud, investment scams, and money laundering.
He also revealed that the EFCC obtained court forfeiture of 1,502 real estate assets within the same period—comprising 402 properties in 2023, 975 in 2024, and 125 in 2025.
Among the major recovered assets were 753 duplex units in Lokogoma, Abuja, and Nok University, which has since been renamed the Federal University of Applied Sciences, Kachia, in Kaduna State.
“The total forfeited real estate assets in two years is 1,502 properties, comprising 402 in 2023, 975 in 2024, and 125 so far this year. The recovered property includes two notable landmarks: the final forfeiture of 753 units of duplexes in Lokogoma, Abuja, and the forfeiture of Nok University, now Federal University of Applied Sciences, Kachia, Kaduna State,” he said.
Olukoyede further reported that the Commission recovered ₦566.3 billion and various foreign currencies within the two-year period.
“Under my watch, the Commission recovered ₦566,319,820,343.40, $411,566,192.32, £71,306.25, €182,877.10, CAD $5,510.00, AUD $740.00, ¥89,859.00, ₹1,300.00, CFA 8,381,375.00, AED 70.00, SAR 310,265.00, GH₵ 225.00, R 50.00 and ₩73,000.00,” he said.
He reiterated that the EFCC remains dedicated to combating cyber-enabled crimes and reclaiming stolen wealth to restore public confidence and safeguard Nigeria’s financial system.
In recent years, Nigeria has experienced a sharp rise in cryptocurrency and investment fraud, with citizens losing billions of naira to deceptive online platforms that promise unrealistic returns and lure victims through social media marketing.
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