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.

Zambian President, Hakainde Hichilema, has finally sacked three Constitutional Court judges whom he had earlier placed on suspension.

The affected judges, whose sacks are with immediate effect according to a statement by State House Chief Communications Specialist, Clayson Hamasaka, are Anne Sitali, Mungeni Mulenga, and Palan Mulonda.

Hamasaka, who announced the decision in a statement on Sunday evening, stated that the President acted on a recommendation from the Judicial Complaints Commission (JCC).

“The removal of the judges is in exercise of the powers vested in the President under Article 143 (b) and (c) of the Constitution of the Republic of Zambia,” said Hamasaka.

Before their dismissal, the three judges had been suspended by President Hichilema who had then sought a judicial review from the Lusaka High Court, arguing that their suspension violated the principle of res judicata, meaning the case had already been settled.

The judges had also contended that the complaint, initially filed by Moses Kalonde, stemmed from the 2016 presidential election petition between Hichilema and former President Edgar Lungu, which was concluded in 2017.

They had sought to quash the JCC’s decision to reopen the matter, asserting that earlier complaints, resolved by Emmanuel Mtonga, Alfred Chims Mbewe, and Douglas Syakalima, had settled it.

The judges also requested a stay of the JCC proceedings, scheduled for 30 September, and the suspension itself, pending the High Court’s decision.

The judges had also called for an expedited hearing, with costs to be borne by the Attorney General, represented by Messrs Sam Chisulo and Company.

However, the court quickly dismissed their case, ruling that it lacked jurisdiction to hear the matter.