The Economic and Financial Crimes Commission (EFCC) has arrested 193 foreign nationals as part of a major crackdown on a cybercrime and cryptocurrency fraud syndicate in Lagos.
The EFCC Chairman, Ola Olukoyede, announced the operation during a press conference on Monday. He revealed that a total of 792 suspects, including the foreign nationals, were apprehended last Tuesday during a raid on a seven-story building, the Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island.
Among the foreign suspects are 148 Chinese nationals, 40 Filipinos, two Kazakhstani citizens, one Pakistani, and one Indonesian. Addressing journalists, Olukoyede, represented by EFCC Director of Public Affairs Wilson Uwujaren, said the facility was used as a hub to train Nigerian accomplices in romance and investment scams.
“This is a significant victory in our fight against financial crimes. These criminals, both local and foreign, thought Nigeria would be a haven, but we’ve proved otherwise,” Olukoyede stated.
The EFCC disclosed that the suspects operated a well-organized scheme, with foreign syndicate leaders recruiting and training Nigerians to create fake profiles on social media platforms such as WhatsApp, Instagram, and Telegram. These profiles were used to lure victims into investing in a fraudulent platform, www.yooto.com, with activation fees starting at $35.
Investigations revealed that while the Nigerian accomplices initiated the scams, their foreign counterparts handled the financial transactions, cutting off the Nigerians from the proceeds. Payments to the Nigerian accomplices were made in cash or through personal accounts, with no formal contracts or corporate arrangements.
Olukoyede noted that the facility, which resembled the corporate headquarters of a financial institution, was equipped with high-end desktop computers on every floor. On the fifth floor alone, investigators discovered 500 SIM cards linked to local telecom networks.
“These foreigners exploited Nigeria’s reputation as a hub for online fraud to mask their criminal activities,” Olukoyede said. He emphasized that the operation demonstrated that not all scams originating from Nigeria are carried out by Nigerians.
The EFCC seized several items during the raid, including desktop computers, mobile phones, laptops, and vehicles. The suspects are currently in custody under valid remand warrants, and their devices are undergoing forensic examination.
Olukoyede added that the EFCC is working with international partners to trace connections to global crime networks and promised that the suspects would be prosecuted soon.
“This operation sends a clear message: criminals, whether local or foreign, will find no hiding place in Nigeria,” he said.
The EFCC has reiterated its commitment to combating financial crimes, restoring Nigeria’s global reputation, and securing justice for victims worldwide.
