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Nigeria: EFCC says country loses $500m to cybercrime annually

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Chairman of Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says the country loses over $500 million annually to various forms of cybercrimes.

Olukoyede, who made the disclosure on Tuesday at the National Cybercrime Summit organised by the EFCC in collaboration with the European Union-funded Rule of Law and Anti-Corruption Programme of the International (IDEA) in Abuja, noted that an estimated $500m was lost to the scourge in 2022, adding that cybercrime suspects got a larger share of the 3,455 convictions recorded by EFCC in his one year in office.

He added that projections by multiple sources show that the global loss to cybercrime may reach a staggering $10.5tn.

“As a matter of fact, the research I did earlier this year confirmed that cybercrime has become the third largest GDP in the world with approximately 2,328 cases occurring daily,” the EFCC boss said.

“The implication of all this is that if left unchecked, cybercrimes pose grave dangers to the entire world.

“Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrimes. These are the realities driving the commission’s fight against these crimes.

Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC.

“A significant portfolio of choice assets has also been recovered and returned to both local and foreign victims of cybercrimes by the commission.

“We are not oblivious of insinuations and misconceptions in some quarters,’ Olukoyede, noting that as part of measures to curb crime, the anti-graft agency was building a cybercrime research centre.

“We are putting up a Cybercrime Research Centre in collaboration with one of the fintechs in Nigeria.

“It’s a centre that will take a minimum of 500 young Nigerians at a time and train them in cyber security and all areas of cybercrime research so that we’ll be able to make something out of them,” he added.

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Lungu: Zambian law association calls for respect of court decisions

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The Law Association of Zambia (LAZ) has called on citizens to respect court decisions amid widespread criticism over the barring of ex-President Edgar Lungu from contesting the 2026 presidential election by the Constitutional Court.

The association, while reacting to the ruling, urged those affected by the court’s judgement to respect its decision.

The Constitutional Court had determined that Lungu was ineligible to contest future elections, having already served two terms as Republican President, but the ruling has generated criticism from Lungu and opposition figures who see it as a ploy by President Hakainde Hichilema to silence the opposition.

However, LAZ, in a statement issued by its President Lungisani Zulu, noted that the decision departs from the Court’s earlier rulings in cases such as Daniel Pule and Others vs Attorney General and Others, Bampi Aubrey Kapalasa and Another vs The Attorney General, and Legal Resources Foundation vs Edgar Lungu and the Attorney General.

Zulu expressed concern over the potential risks posed by inconsistent rulings from the apex court, cautioning that such fluctuations could erode public confidence in the Judiciary.

However, Zulu reiterated the importance of respecting the Court’s authority.

“Under Part 8 of the Constitution of Zambia (Amendment) Act No. 2 of 2016, judicial authority, derived from the people of Zambia, is vested in the courts, which have the final say on constitutional interpretation,” he stated.

Zulu further stressed that the Constitutional Court plays a critical role in settling constitutional disputes and underscored the need for citizens to uphold the integrity of governance institutions, including the judiciary.

“At the same time, in line with Article 118 of the Constitution, we strongly remind the Judiciary to ensure that judicial power is exercised in a just and fair manner,” he added.

The LAZ President expressed hope that consistent and fair judicial decisions would enhance accountability and maintain public confidence in the Judiciary, a cornerstone of Zambia’s democratic governance.

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Nigeria: President Tinubu’s reforms, economic policies yielding positive results— Minister

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Nigeria’s Minister of State for Defence, Bello Matawalle, has backed the reforms and economic policies embarked upon by President Bola Tinubu since coming into office in 2023, saying they are yielding significant positive results despite the hardship currently being faced by citizens.

Matawalle, who disclosed in a statement issued on Thursday in Abuja by the Director, Information and Public Relations in Ministry of Defence, Henshaw Ogubike, said Tinubu’s policies, which include the new tax reforms and several key reforms across various sectors, were already contributing to a turnaround in the country’s economy and would, in the long run, be of benefit to all Nigerians.

The former Zamfara State governor also urged critics of the Tinubu administration, particular those from Northern Nigeria, to be positive in their narrations.

“In the light of ongoing criticism, particularly from some quarters in Northern Nigeria, I urge critics to be positive in their narratives,” he said in the statement.

“I also call on citizens to remain steadfast in their support for the President and to reject divisive narratives.

“It is crucial for Nigerians to stand united behind Mr. President, who is diligently working hard to revitalise our economy through a series of effective policies, programmes, and reforms.

“Under President Tinubu’s leadership, we are witnessing a renewed commitment to the safety and well-being of all Nigerians, and I encourage everyone to recognise the positive changes taking place,” the minister said.

Highlighting the new tax reforms, Matawalle described them as pivotal elements in the country’s economic turnaround, emphasizing that the reforms were designed to create a more equitable tax system, which would enhance revenue generation for the government while easing the financial burden on ordinary citizens and small businesses.

“By broadening the tax base and ensuring that everyone pays their fair share, President Tinubu is laying the groundwork for sustainable economic growth.

“These reforms will not only increase government revenues but also stimulate investment and job creation across various sectors,” Matawalle explained.

According to him, this will foster a more business-friendly environment, encouraging entrepreneurship and innovation, which are essential for driving economic progress.

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