NIGERIA LOST ₦1.1TN TO CYBERCRIME IN SIX YEARS, UNODC WARNS OF GROWING INVESTIGATIVE GAPS

Nigeria lost an estimated ₦1.1 trillion to cybercrime between 2017 and 2023, with the United Nations Office on Drugs and Crime warning that the country’s expanding digital economy is being matched by increasingly sophisticated criminal activity.

The finding is contained in UNODC’s Cybercrime Assessment, Nigeria 2025, which examines the country’s cybercrime threat landscape and the capacity of law enforcement, prosecutors and the judiciary to respond. The assessment was launched in Abuja in December 2025.

The report identifies financial crimes and other cyber-enabled offences as a major threat, with Nigerian-linked cybercrime increasingly extending beyond traditional online fraud into business email compromise, sextortion, cryptocurrency-related offences, ransomware and other forms of organised cybercrime.

A key concern is the ability of criminal justice institutions to keep pace with the changing methods of cybercriminals. UNODC identified gaps in investigative capacity, digital forensics, technology, institutional coordination and the handling of complex cross-border cases.

The assessment also points to the increasingly international nature of the threat. Cybercriminals can operate across jurisdictions, move proceeds through digital platforms and cryptocurrencies, and exploit differences between national legal and enforcement systems.

At the launch, US officials said Nigerian-linked business email compromise schemes alone had generated more than $1.8 billion in losses in a single year, while Nigeria was estimated to have lost about $500 million to cybercrime in 2022.

For Nigeria’s financial sector, the assessment carries a direct compliance warning. Banks, fintechs, cryptocurrency businesses and other digital platforms face growing exposure to fraud proceeds, identity theft, account compromise and cross-border laundering.

UNODC is consequently calling for stronger inter-agency cooperation, improved digital forensic capabilities, specialised investigative skills and deeper international collaboration.

The report’s central message is that cybercrime is no longer simply an internet security problem. It has become a financial crime, national security and institutional governance challenge requiring a coordinated response.