In a historic crackdown, the Economic and Financial Crimes Commission (EFCC) arrested 193 foreign nationals and 599 Nigerians for alleged involvement in cybercrime and cryptocurrency fraud during a coordinated operation in Lagoson December 10.
EFCC spokesperson Wilson Uwujaren revealed that the syndicate operated from a seven-storey building, Big Leaf Building, located on Oyin Jolayemi Street. Among those arrested were 114 Chinese nationals, 40 Filipinos, and individuals from Kazakhstan, Pakistan, and Indonesia.
The building, disguised as a financial hub, housed high-end computer systems and SIM cards—500 of which were recovered on a single floor—used to train Nigerians in executing romance scams and fake investment schemes targeting victims across Europe, North America, and Mexico.
According to Uwujaren, Nigerian recruits created fake social media profiles and lured victims into investing through a fraudulent platform, yooto.com, where activation fees started at $35. Recovered items included mobile devices, cars, and laptops.
Financial analyst Johnson Odaudu attributed the rise in such scams to weak institutional oversight, urging immediate reforms. Security expert Julius Oderinwale criticized porous borders that allow such operations to flourish, calling for improved surveillance.
On Trust TV’s Daily Politics, Muktar Modibbo, of Follow the Money, emphasized community vigilance, stating unusual activities in neighborhoods must be reported. Governance expert Adamu Rabi’u called for stronger border controls to prevent unchecked entry of foreign fraud rings.
The EFCC confirmed ongoing investigations and assured that the suspects, currently held under a valid remand warrant, will soon face prosecution.
