The Economic and Financial Crimes Commission (EFCC), apprehended 792 individuals, including 193 foreigners, for alleged involvement in cryptocurrency investment fraud and romance scams.
Wilson Uwujaren, EFCC’s Director of Public Affairs, announced the arrests on Monday during a briefing at the commission’s Lagos office.
The operation took place on Tuesday, December 10, 2024, targeting a seven-story building known as Big Leaf Building at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos.
“This breakthrough followed months of surveillance and actionable intelligence,” Uwujaren stated.
Among those arrested were 148 Chinese nationals, 40 Filipinos, two Kazakhs, one Pakistani, and one Indonesian.
The investigation revealed that the building operated as a hub for training Nigerians in fraudulent schemes.
“The foreign nationals used the facility, which appeared to be a corporate headquarters, to train Nigerian accomplices in initiating romance and investment scams, often using stolen Nigerian identities,” Uwujaren said.
The EFCC uncovered high-tech setups, including entire floors outfitted with advanced desktop computers.
On the fifth floor, 500 SIM cards from Nigerian telecom operators, purchased for illicit activities, were recovered.
The syndicate reportedly targeted victims from the United States, Canada, Mexico, and Europe.
Nigerians employed by the group were trained to impersonate foreign nationals on platforms like WhatsApp, Instagram, and Telegram.
The fraudulent scheme funneled victims to a fake investment site, “www.yooto.com”, where initial activation fees started at $35.
Uwujaren detailed the recruitment process: “Proficiency in typing and computer use was the main criterion for hiring.
Recruits underwent two weeks of training on how to impersonate foreign women in romance scams and pitch fake cryptocurrency investments.”
Once recruits lured victims, the foreign syndicate leaders would take over, often cutting off the Nigerian accomplices from further communications or financial details.
Surprisingly, the Nigerian recruits had no formal employment contracts and were paid informally in cash or through personal accounts.
Items seized during the operation included desktop computers, mobile phones, laptops, and vehicles.
Uwujaren added that the commission is collaborating with international partners to trace the extent of the fraud and identify potential links to global crime networks.
“This operation underscores that the narrative of Nigerians being solely responsible for fraud originating from our country is misleading.
Foreign syndicates exploit Nigeria’s reputation to mask their crimes.
However, there will be no hiding place for criminals in Nigeria,” Uwujaren concluded.
The suspects remain in custody under valid remand warrants and will face charges in court soon.
