EFCC Arrests 792 Suspects In Investment, Crypto Fraud Crackdown
The Economic and Financial Crimes Commission (EFCC) has announced the arrest of 792 suspects linked to investment and cryptocurrency-related fraud.
The Commission’s Chairman, Ola Olukoyede, represented by the Director of Public Affairs, Wilson Uwujaren, announced this on Thursday in Abuja during a press briefing to commemorate his second anniversary in office.
Olukoyede said the syndicate included 192 foreign nationals who were arrested alongside their Nigerian counterparts and prosecuted for 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 stressed that the development sends a strong message that Nigeria will not serve as a haven for international cybercriminals.
“This development conveys the message that Nigeria will not tolerate foreigners turning it into a safe haven for cybercrimes,” he added.
According to data released by the EFCC, the agency received 19,318 petitions, carried out 29,240 investigations, filed 10,525 cases in court, and secured 7,503 convictions between October 2023 and September 2025.
Olukoyede noted that these figures reflect the commission’s intensified focus on complex financial crimes, including cyberfraud, investment scams, and money laundering.
The EFCC chairman also revealed that the Commission secured the forfeiture of 1,502 real estate assets in two years, comprising 402 in 2023, 975 in 2024, and 125 so far in 2025.
He highlighted two major forfeited properties: 753 duplex units in Lokongoma, Abuja, and Nok University, which has since been renamed Federal University of Applied Sciences, Kachia, 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 disclosed that the commission recovered ₦566.3 billion and several foreign currencies within the two years.
“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 stressed that the EFCC remains committed to combating cyber-enabled crimes and recovering stolen assets to strengthen public trust and restore integrity to Nigeria’s financial system.
Over the past three years, Nigeria has witnessed a surge in investment and cryptocurrency-related fraud, with victims losing billions of naira to online trading schemes and digital asset scams.
Many of these schemes, often disguised as legitimate investment platforms, promise unrealistic returns and leverage social media to attract unsuspecting Nigerians.