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How cybercrime cost Nigeria 500m US dollars each year – AGF

Adepegba Abioye by Adepegba Abioye
October 16, 2025
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How cybercrime cost Nigeria 500m US dollars each year – AGF
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The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, Tuesday raised alarm that in Nigeria, 4,388 cyberattacks occurred weekly particularly in the first quarter of 2025.

The minister made the disclosure in Abuja at the Annual Cybercrimes Awareness Campaign and the Second National Consultations on the Cybercrimes Legal Framework in Nigeria.

The awareness campaign was titled : “Towards a Coordinated and Informed National Response to Cybercrime.”

At the meeting were representatives from National Assembly, Law Enforcement Agencies, Regulators, the Judiciary, Private Tech Actors, Academia, and Civil Society.

The AGF, who gave a keynote address at the event noted that cyber attacks represents a 47 percent increase, ranking Nigeria fifth globally in cybercrime and costing about 500 million US dollars each year.

“The same networks that empower our lives now serve as battlefields, with criminals using artificial intelligence and sophisticated tactics to deceive and disrupt.

“It defines the new frontier of justice in our time and underscores why we gather today to strengthen our resolve, refine our strategies, and chart a united, informed national response.

“Our theme is not just a slogan; it is a national imperative as the digital domain has become the new battlefield of economic survival, public trust, and national security.’’

The minister reiterated that Nigeria must not stand as a passive observer in the war without borders.

“We must be strategic, coordinated, and relentless since the scale cybercrime is now a trillion-dollar threat to the global economy.

“INTERPOL’s 2023 Africa Cybercrime Assessment ranked Nigeria among the top ten countries targeted by business email compromise, online fraud, and sextortion.

“These crimes erode public confidence, deter investment, and weaken the digital foundations upon which our future prosperity depends,” he said.

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