The Economic and Financial Crimes Commission (EFCC) has sounded the alarm over the increasing prevalence of scams linked to cryptocurrency in Nigeria, stressing the urgent need for tighter oversight. The warning came during a meeting held on September 3, 2025, involving key players from the Blockchain Technology Association of Nigeria (SIBAN). The EFCC Chairman, Mr. Ola Olukoyede, addressed stakeholders at the agency’s headquarters in Abuja. He painted a picture of the current landscape, noting the blurred boundaries between legitimate digital currency traders and fraudulent actors. He stressed that the cryptocurrency space is booming, but without clear rules, and that sincere participants risk falling prey. During the meeting, Olukoyede’s Chief of Staff, Commander Michael Nzekwe, referred to digital currencies as “the new oil well”. However, this wealth attracts both innovation and deceit. The EFCC shared findings from recent sting operations, which led to the apprehension of nearly 800 individuals in Lagos alone, many involved in elaborate crypto scams and romance fraud schemes. Notably, the crackdown included close to 200 foreign suspects. The dialogue emphasized the importance of developing a regulatory framework to safeguard investors and prevent illicit activities such as money laundering and financing terrorism. Nigeria’s large and tech-savvy youth population is especially vulnerable without proper protections in place. SIBAN’s President, Obinna Iwuno, presented a newly drafted code of ethics designed to guide practitioners within the Nigerian crypto space. Besides advocating regulation, SIBAN actively promotes investor education and robust know-your-customer (KYC) processes. All registered digital asset firms are required to maintain at least two compliance officers, in order to eliminate bad actors from the sector. Iwuno also called for enhanced collaboration with the EFCC, stating that the commission intends to act as the first line of defence where people can report suspicious activities at any point in time. Such partnerships could bolster anti-fraud campaigns and improve how blockchain technology supports investigative efforts. The partnership with governmental bodies and industry leaders serve as an avenue for fighting crypto-related crime, promote ethical practices, and build investor confidence across Nigeria.
Abuja court sends Dennis Tamarakuro to jail for $71,000 crypto fraud against U.S.-based NGO
The Federal High Court in Abuja has sentenced Dennis Tamarakuro, also known as Keisha Reynolds, to one year imprisonment for cybercrime involving the defrauding of a U.S.-based non-governmental organization out of $71,795.41. The conviction follows Tamarakuro’s admission of guilt to the charges presented. Dennis Tamarakuro was found guilty by Justice Emeka Nwite for impersonating a female private investor from the United States during late 2024. Under this false identity, he managed to swindle funds from an individual named Philbert via the cryptocurrency platform Bybit, in breach of Nigeria’s Cybercrime Act. The prosecution, led by Maryam Aminu Ahmed, called upon EFCC investigator Ogunjobi Olalekan who detailed how U.S. authorities uncovered the scam. The Pregnancy Support Network had its bank details compromised in a romance scam that evolved into a money mule operation funneling stolen assets through intermediaries like Libson Junior. These funds ultimately ended in Tamarakuro’s crypto wallet, where he was able to convert and withdraw a huge portion.Investigations revealed two transfers of 0.27 Bitcoin from the middleman to Tamarakuro, with subsequent withdrawals amounting to $18,000 via Busha exchange. The EFCC successfully reclaimed over $42,000 from these exchanges, while the remainder was blocked by a U.S. financial institution. All investigative documents, including Tamarakuro’s voluntary statement, were presented as evidence. Defence attorney Laye Aeemokoya appealed for leniency citing his client’s role as a father and caregiver, stressing it was Tamarakuro’s first offense and noting the restitution of all misappropriated money. The public is reminded to exercise caution with investment ventures and report suspicious activities promptly to prevent falling victim to such schemes.
EFCC apprehends Gavice Logistics CEO over alleged N2 billion ponzi scheme
The Economic and Financial Crimes Commission (EFCC) has detained Mr. Ahamba Tochukwu, the CEO of Gavice Logistics Limited, on accusations of defrauding hundreds of investors through a N2 billion Ponzi-style investment plan. According to the anti-corruption agency, Tochukwu portrayed Gavice Logistics as a multifaceted company offering haulage, courier, and e-commerce services. He attracted investors with enticing offers that promised returns as high as 50%, presenting an alluring but deceitful opportunity. Investigators unveiled that roughly 400 victims invested over N2 billion in this scheme, only to find themselves unable to withdraw their principal or expected profits after November 2024 when Tochukwu reportedly vanished with the funds. EFCC operatives launched an intensive search that resulted in Tochukwu’s arrest after months on the run. He is now being questioned about the elaborate scam. The commission warned Nigerians against engaging with unverified investment ventures promising unrealistic gains, urging the public to exercise caution and conduct due diligence before committing funds.
EFCC cracks down on cybercrime in Lagos, nabs 38 suspects in latest raid
The Economic and Financial Crimes Commission’s Lagos Zonal Directorate yesterday apprehended 38 individuals allegedly involved in internet fraud at a hotel in Ikorodu, Lagos. The crackdown results from detailed intelligence and surveillance targeting cybercriminal activities in the area.The law enforcement team, acting on credible tips, carried out a sweep at Mambillah Hotel located on Omodisu Street, uncovering a group deeply engaged in online scams. Authorities seized an assortment of items from the detainees, including several vehicles, numerous mobile devices, and a cache of psychoactive and regulated substances.The suspects are expected to undergo further interrogation before being formally charged in court. In a related courtroom development, two brothers named Teddy Ovbokhan Hart and Rooney Odion Hart, together with ten accomplices, were convicted and sentenced by Justice M. Itsueli at the Edo State High Court in Benin City. Their prosecution was led by the Benin Zonal Directorate of the EFCC, facing charges such as advance fee fraud and possession of forged documents. These convictions show the commission’s relentlessness to dismantling fraudulent networks and prosecuting offenders involved in financial scams that plague the region and to some extent affect the nation at large.
AI technology exploited by cybercriminals for fraud and extortion
A leading AI company has revealed that its cutting-edge tools were manipulated by cybercriminals to orchestrate sophisticated attacks, including the theft of personal data and scams targeting top US firms. The incidents occurred recently and exposed vulnerabilities linked to the growing use of artificial intelligence in cybercrime. Anthropic, the developer behind the chatbot Claude, reported that malicious actors harnessed the firm’s AI platform to produce hacking code and carry out extensive cyber intrusions. In one alarming episode, the attackers leveraged AI to infiltrate no fewer than 17 organizations, among them governmental agencies, using automated strategies that blended tactical hacking with psychological manipulation. The company described how its AI was exploited not just for writing malicious software but also for managing the process of selecting sensitive data to steal, crafting tailored extortion demands, and even suggesting specific ransom amounts to pressure victims. This level of autonomous decision-making exposes an unsettling advancement in how technology can be misused. In another scenario, North Korean operatives are said to have used the AI to generate convincing fake resumes and apply for remote positions at prestigious US tech giants. Once employed, these fraudsters utilized the technology to assist in translating communications and producing code, effectively gaining unauthorized access to corporate systems. Experts warn that AI-assisted cybercrime is entering a new phase, with the speed and efficiency of exploitation escalating dramatically. Alina Timofeeva, a consultant specializing in AI and cybersecurity, emphasized the urgency for defenders to adopt proactive measures rather than relying on responses after damage occurs. “The window to exploit vulnerabilities is closing faster thanks to AI”, she noted. Geoff White, co-host of The Lazarus Heist podcast, pointed out the unique challenges posed by remote work scams amplified through AI tools. These fraudsters bypass traditional barriers, making it easier to infiltrate companies that unknowingly become complicit in breaking international sanctions – he explained Cybersecurity specialists also stress the necessity for organizations to safeguard AI systems themselves, as they maintain extensive confidential information akin to any vital data repository. Anthropic has since taken steps to disrupt these operations and cooperated with authorities while enhancing its ability to detect similar threats moving forward.
Hackers exploit Google Classroom in global phishing blitz targeting 13,500 organizations
Cybersecurity researchers at Check Point have revealed a massive phishing operation leveraging the trusted Google Classroom platform to launch over 115,000 fraudulent emails worldwide in early August 2025. This sophisticated campaign targeted more than 13,500 organizations across multiple continents, deceiving recipients through fake classroom invitations. Over a single week, attackers executed five coordinated waves of cyberattacks using Google Classroom’s invitation feature to distribute illegitimate messages masquerading as educational content. Instead of genuine lessons, these emails contained commercial proposals such as SEO service pitches and product reselling offers. The recipients were urged to engage with the scammers via WhatsApp, a method aimed at evading corporate email security and shifting communication off monitored platforms. The tactic was effective because the bogus emails originated from Google’s own infrastructure, causing many traditional spam filters and security gateways to treat them as trustworthy, thereby letting them slip through. Check Point’s advanced protection tool, Harmony Email & Collaboration’s SmartPhish, was able to detect and block most of these deceptive messages, with additional defense layers preventing many others from reaching users. Experts warn that this campaign exemplifies a growing trend where cybercriminals exploit reputable cloud services, making standard email defenses inadequate. Organizations are encouraged to educate employees on exercising caution with unexpected invites, even from familiar platforms and employ AI-enhanced detection systems that assess contextual cues rather than relying solely on sender reputation. Businesses and educational institutions worldwide must reinforce cybersecurity strategies, multi-layered protections and user vigilance, as phishing operations become more complex. Organizations heavily reliant on Google services, should remain alert as similar scams could be adapted. Continuous efforts to educate and deploy sophisticated monitoring tools remain key defenses against these evolving threats.