The Executive
Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola
Olukoyede has called for robust cyber resilience in the nation’s
financial ecosystem to tackle all manner of risks and fraudulent schemes.
He made the
call in Abuja on Wednesday, July 9, 2025 at the National Cyber Security
Conference organised by the National Information Technology Development
Agency, NITDA. According to him, cyber resilience has
become imperative to tackle vulnerability and exposure to diverse
cybersecurity risks occasioned by the increasing expansion in the
nation’s digital space.
“A secure digital future for Nigeria requires robust
cyber resilience. Cyber resilience is not just about preventing attacks—it's
about ensuring that our systems, institutions, and society can withstand, adapt
to, and rapidly recover from cyber incidents. It is a proactive disposition to
anticipate breaches and have countermeasures to rapidly respond to
threats and secure digital assets”, he said.
He applauded the strides being made in the
country through digital innovation and transformation, pointing out that
Nigeria is home to one of the fastest-growing Fintech sectors in
Africa. He referenced other developments in mobile banking platforms,
digital payment systems, cryptocurrency exchanges, and e-commerce activities,
which he admitted, have brought financial inclusion to millions, created
new businesses, and positioned Nigeria as a leader in Africa's digital economy.
All these salutary developments, he explained, come
with vulnerability and exposure to various cybersecurity risks. “As the
digital space in Nigeria is expanding, so is the footprint of criminal elements
who exploit its vulnerabilities. The financial ecosystem is particularly
vulnerable, not only because of its centrality to the economy but also due to
the high value of its data and assets”, he said. The EFCC’s boss insisted
that cyber resilience was the only effective modality of building strength
against such vulnerabilities.
He drew particular attention to what the EFCC
has been doing to deepen Nigeria’s cyber resilience, stressing
that in the last two years, the Commission has recorded notable
progress in dealing with cyber threats in the economy. Some of the milestones,
he mentioned, include enhanced capabilities in cyber forensic analysis
and syndicate disruption culminating in significant arrests and convictions in
cybercrime cases. Others are, international collaboration with
bodies such as INTERPOL, the FBI, RCMP, and the UK NCA, etc., in dealing with
transnational organised crime.
“ Also significant is the operationalization of the
upcoming 24/7 EFCC Cybercrime Rapid Response Centre (E-C2R2), a citizen-driven
complaint portal for swift reporting and resolution of cybercrime cases.
We are equally working to establish a Cybercrime Research Centre, serving not
only investigative needs but also as a platform for reformation and
rehabilitation. Through intelligence sharing, legal cooperation, and
multilateral engagements, we are helping to bring perpetrators to justice while
supporting victims across borders. This is a deliberate effort to reclaim and
protect our international image”, he said.
To fully optimize cyber
resilience ,Olukoyede called for leadership commitment at board level
within financial institutions, allocation of resources for cyber defence,
integration of cybersecurity into national development policies and
holding institutions accountable for lapses that endanger the financial
ecosystem.
“ Cyber resilience in the financial ecosystem cannot
be built in silos. It demands the following: a. Deeper synergy between
regulators, enforcement agencies, financial institutions, and civil society. b.
Continuous investment in cybersecurity infrastructure and human capital. c.
Most importantly, a coordinated national framework that unites all stakeholders
in a common vision”
In his opening remark, Director General
and Chief Executive Officer, NITDA, Kashifu Inuwa Abdullahi spoke
glowingly about the Conference and the overarching need for building a
resilient digital future for the country. He said the Conference
was a movement for building strength and synergy to achieve a more formidable
cyber security for Nigeria.
Dignitaries at the Opening Session of the
Conference include, National Security Adviser, Nuhu Ribadu,
Senators, Members of House of Representatives and Diplomatic Community,
among others.
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