The Economic and Financial Crimes Commission (EFCC) has warned that cybersecurity has become a critical pillar of Nigeria’s national security, as rising digital threats and cybercrime continue to worsen insecurity and undermine economic growth.

The Commission is also highlighting the role of corruption in fuelling both physical and digital risks, while outlining its enforcement, intelligence and asset recovery efforts aimed at protecting the nation’s economy and security architecture.

Ola Olukoyede, Executive Chairman of the EFCC, made this call at the Annual Lecture Series of the Nigerian Air Force Officers Mess Honorary Members’ Forum on December 19, 2025. The lecture was titled “Corruption, National Security, and Economic Prosperity.”

According to the EFCC chief, billions of naira earmarked for security operations have been diverted by political officeholders, weakening Nigeria’s conventional military capabilities and its capacity to combat cybercrime.

The EFCC chairman, who was represented by Mr Wilson Uwujaren, Acting Director of Public Affairs at EFCC, says national security has evolved beyond conventional military considerations to include the protection of digital infrastructure from cyber threats, data breaches and financial crimes, alongside the safeguarding of economic, social and political stability.

He adds that the misappropriation of public funds and entrenched corruption are intensifying both physical insecurity and digital vulnerabilities across the country.

Corruption driving insecurity and digital risk 

According to the EFCC chief, billions of naira earmarked for security operations have been diverted by political officeholders, weakening Nigeria’s conventional military capabilities and its capacity to combat cybercrime.

He cites the alleged misappropriation of a ₦4 billion security vote by former Anambra State Governor Willie Obiano, as well as the $2.1 billion arms procurement scandal involving senior military officers.

“This haemorrhage of resources not only dampens morale within the military establishment but also aggravates equipment and logistics challenges, thereby emboldening adversaries,” Olukoyede says.

He adds that corruption worsens socio-economic conditions, creating fertile ground for extremism and organised crime.

“The failure to prioritise social investment,” Olukoyede says, “has deepened poverty in regions with large numbers of out-of-school children and millions of unemployed youths,” noting that these conditions are increasingly exploited by criminal networks operating in both physical and digital spaces.

Economic costs of corruption and insecurity 

The EFCC chief says insecurity and poor resource management continue to constrain economic growth, with destroyed infrastructure, disrupted productivity and stalled mega-projects undermining national prosperity.

He points to the Mambilla and Zungeru hydroelectric power projects, which have suffered delays linked to bribery and money laundering, as examples of how corruption hampers energy security and development. He also references the alleged theft of ₦109 billion from the federal treasury, which he says deprived communities of schools, infrastructure and social programmes.

EFCC’s digital and financial intelligence interventions 

Highlighting the EFCC’s role in combating cybercrime, Olukoyede says the Commission is deploying financial intelligence to trace illicit digital transactions and disrupt funding flows to terrorist and criminal networks.

He notes that enforcement operations have targeted cybercrime syndicates and cryptocurrency-related fraud, leading to the arrest of foreign nationals, including Chinese and Filipino citizens, and the restitution of funds to victims in the United States, Spain, Switzerland and Canada.

The EFCC is also monitoring Bureau de Change operators, non-governmental organisations and other financial channels to prevent their exploitation for illicit digital and financial activities.

Uwujaren adds that EFCC Chairman Ola Olukoyede currently serves as President of the Network of Anti-Corruption Institutions in West Africa (NACIWA), which brings together anti-corruption agencies across the sub-region.

Asset recovery and economic stabilisation 

Between 2024 and 2025, the EFCC recovered ₦566.3 billion in assets, including 753 properties, 173 vehicles and institutional assets, which are now being deployed into social investment initiatives such as student loan schemes and consumer credit programmes.

He explains that the Proceeds of Crime (Recovery and Management) Act provides for civil forfeiture and the centralised management of recovered assets through the Central Bank of Nigeria, improving transparency and ensuring measurable economic impact.

In addition, Olukoyede says the Commission has supported monetary stability by cracking down on illegal foreign exchange dealings and currency mutilation, actions he says have helped stabilise the naira and limit ransom payments.

He also notes that the EFCC has deliberately preserved ongoing businesses under investigation in order to protect jobs and livelihoods during a period of economic strain.

Promoting integrity and building digital resilience 

Olukoyede highlights the EFCC’s youth-focused integrity initiatives, including Integrity Clubs in primary and secondary schools and Zero Tolerance Clubs in tertiary institutions. The programmes are designed to instill patriotism, responsibility and anti-corruption values, with the long-term goal of building a corruption-resistant generation capable of sustaining Nigeria’s economic security and digital resilience.

Concluding the lecture, the EFCC chief calls for stronger collaboration among the EFCC, the military, other security agencies and the public.

“The EFCC cannot win the fight against corruption alone; neither can the military defeat insecurity alone,” he says.