A Nigerian court has ordered the final forfeiture of over $222,000 in cryptocurrency linked to a suspected cybercrime syndicate involving Chinese nationals. The ruling was handed down on Monday at the Federal High Court in Ikoyi, Lagos, bringing a major chapter to the multi-national fraud case. Justice Alexander Owoeye approved the seizure after reviewing evidence filed by the Economic and Financial Crimes Commission (EFCC). Investigators say the $222,729.86 in USDT (a stablecoin cryptocurrency) was part of the proceeds from wide-ranging investment and romance scams. These operations, authorities allege, targeted victims online and laundered money through crypto channels and Nigerian bank accounts. The suspects were part of a group of 792 people, including dozens of foreign nationals, who were arrested during a large raid codenamed “Eagle Flush Operation” on December 10, 2024, in Victoria Island, Lagos which was cited in a report by Daily Tech Nigeria. Police stormed a building where the syndicate ran its tech operations. According to court documents, the group funneled money through Genting International Co. Limited, a Nigerian-registered firm. The company’s Union Bank account reportedly received suspicious inflows of more than ₦2.2billion in just eight months. Two crypto vendors, Chukwuemeka Okeke and Alhassan Aminu Garba, confirmed to the EFCC that they received around $2.38million in Tether (USDT) from the syndicate. EFCC lawyer Zeenat Atiku told the court that the seized digital assets were tools for computer fraud and money laundering. Justice Owoeye, in his decision, said he was satisfied with the evidence: “I have read the motion and attachments and found sufficient merit in the application. Consequently, the motion succeeds and is hereby granted.” The crypto forfeiture is the latest in a series of court actions. Just last week, another Federal High Court in Lagos ordered the deportation of nine Chinese nationals convicted of cyber-terrorism and internet fraud. The suspects had pleaded guilty and are being repatriated, with all confiscated items forfeited to the Nigerian government. The EFCC says it will continue to clamp down on internet fraud and money laundering, and experts believe rulings like this will make it tougher for scammers to hide behind cryptocurrency.
Microsoft SharePoint Hack Puts Thousands of Organizations at Risk
A critical security flaw in Microsoft’s SharePoint server software is actively being exploited by hackers, putting thousands of organisations worldwide at serious risk. The vulnerability, tracked as CVE-2025-53770, allows attackers to remotely run malicious code on on-premises SharePoint servers without needing to log in. This means hackers can access sensitive files, steal security keys, and take full control of affected servers, including those used by governments, universities, and large companies. Microsoft confirmed the breach and released emergency security patches for SharePoint Subscription Edition and SharePoint 2019 but said fixes for SharePoint 2016 are still in development. The company urges all affected customers to install the updates immediately to reduce exposure. Experts warn that even patched systems might still be vulnerable if hackers had already stolen authentication keys or implanted backdoors before updates were applied. More than 10,000 organisations are estimated at risk worldwide, with the highest numbers in the United States, the UK, the Netherlands, and Canada; however, Nigerian organisations using on-premises SharePoint should also take note. Silas Cutler, a cybersecurity researcher, said, “This is a dream for ransomware operators. We expect a surge in malicious activity targeting this exploit over the coming days.” Palo Alto Networks likewise called it “a serious and active threat,” confirming real-world attacks are ongoing. To protect their servers, Microsoft and the US Cybersecurity and Infrastructure Security Agency (CISA) recommend enabling Microsoft Defender Antivirus, configuring Antimalware Scan Interface (AMSI), and disconnecting vulnerable servers from the internet if applying patches is not immediately possible. This breach shows a major challenge for IT teams globally, including Nigeria’s, where many still rely on SharePoint servers for document management and internal communication. Gene Yu, CEO of Singapore’s Blackpanda cyber incident response firm, explains, “When they’re able to compromise the fortress that is SharePoint, everyone is at their mercy because SharePoint is one of the most secure protocols out there.” Microsoft’s SharePoint Online cloud service is not affected by this vulnerability, but customers using on-premise installations must act fast to secure their systems. Staying up to date with patches and following security guidance is critical to avoid costly data breaches and ransomware attacks. Nigerian organisations using SharePoint servers should urgently check their security settings and apply recommended protections to avoid falling victim to these dangerous attacks.
Nigeria deports 15 Chinese nationals convicted of cybercrime
Lagos Federal High Court recently sentenced 15 Chinese nationals to one year in prison for cybercrime and internet fraud offenses. After serving their terms and paying fines, they will be deported back to China within seven days. The Economic and Financial Crimes Commission (EFCC) arraigned the suspects on charges related to identity theft, online dating scams, and cyberterrorism. The court proceedings took place before two judges in Ikoyi, Lagos, and the convictions reflect Nigeria’s toughened legal stance following amendments to the Cybercrimes Act in 2024. The arrested Chinese nationals include Ling Yang, Xiao Hong Will, and Wang Zheng Ming, among others. They were linked to syndicates involved in large-scale cryptocurrency investment fraud and romance scams, uncovered during the EFCC’s ‘Eagle Flush Operation’ in Lagos in December 2024, which also implicated foreigners from the Philippines and many Nigerians. Cybercrime remains a serious challenge in Nigeria. In 2022 alone, more than 3,455 convictions were recorded. According to a 2024 World Cybercrime Index report, Nigeria ranks fifth globally as a source of cybercrime. The country loses approximately $500 million annually to cybercrime activities like phishing and identity theft. Over 25 million Nigerians have been victims, suffering estimated losses of over N250 billion yearly. Experts say socio-economic issues such as unemployment and poverty fuel the rise of cybercrime. With limited job opportunities, many young people are tempted by the quick money offered by online fraud, using easy access to hacking tools and internet anonymity. The recent convictions and ongoing government crackdowns show intensified efforts to fight cybercrime, protect Nigeria’s economy, and uphold the country’s reputation internationally. This strike against cybercriminals sends a clear message that Nigeria will rigorously enforce laws against internet fraud and work to safeguard its digital space.
Burna Boy warns fans to stay away from meme coin scam using his name
Burna Boy has publicly warned his fans against a meme cryptocurrency falsely linked to him. The Nigerian music star made it clear he has no connection to any cryptocurrency projects. He described such crypto activities as fraudulent and urged fans to be cautious. This comes after a meme coin appeared online using his name, misleading some followers into thinking he was involved. Burna Boy’s statement aims to protect his fans from falling victim to scams that exploit celebrity names to gain trust. Cryptocurrency scams have been a growing concern in Nigeria and worldwide, often targeting young people eager to invest. His warning shows the need for vigilance in the fast-evolving crypto space, where not all projects are legitimate. Fans are advised to verify any investment opportunity independently before committing funds. This alert from a major public figure like Burna Boy is crucial in raising awareness and safeguarding the public from scams disguised as trendy digital currencies. Nigerian investors and fans should stay informed and cautious about such offers.
EFCC arrests six in Uyo over alleged internet fraud, recovers gadgets
Nigeria’s anti-corruption agency has arrested six people in Uyo, Akwa Ibom, for suspected internet fraud. The Economic and Financial Crimes Commission (EFCC) announced the arrests on Saturday. According to the agency, four suspects were picked up in the Ekamba Nsukara area, while two others were caught at Ekpri Nsukara, both in Uyo. The EFCC said the operation was based on intelligence. Officers from the Uyo Zonal Directorate recovered eight mobile phones and two laptops from the suspects during the raid. A statement from the commission read, “Operatives of the Economic and Financial Crimes Commission, Uyo Zonal Directorate, have arrested six suspected Internet fraudsters at the Ekamba and Ekpri Nsukara areas of Nwaniba, in Akwa Ibom State.” The agency did not release the names of the suspects but confirmed that all six are currently in custody. The EFCC said it is preparing to charge them to court soon. An EFCC spokesperson said, “The intelligence-driven arrest led to the recovery of the following items: eight mobile phones and two laptops. The suspects will be charged to court soon.” This case shows the EFCC’s ongoing efforts to fight cybercrime in Nigeria. The commission urges the public to remain vigilant and report suspicious online activities.
“Corrupt politicians now hiding stolen funds in crypto wallets” – EFCC Chairman
The Economic and Financial Crimes Commission (EFCC) says some corrupt Nigerian politicians are now using cryptocurrencies to hide stolen money and escape detection. EFCC Chairman Ola Olukoyede revealed this during a public lecture at the agency’s headquarters in Abuja, marking the 2025 African Union Anti-corruption Day. He explained that investigations show a growing trend where politicians move their loot into digital wallets, making it harder for authorities to trace the funds. Olukoyede said, “Our findings showed that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies. Stolen funds and unexplained wealth are being warehoused in wallets, and payments for services are being done through this window. Investment schemes are also being facilitated through it.” He stressed that while cryptocurrencies themselves are not illegal, criminals are taking advantage of the technology to commit fraud. “Virtual assets are not fundamentally criminal. It is when they are wrongfully or fraudulently used that they become criminals,” he noted. The EFCC boss assured Nigerians that the agency is ready to tackle these new challenges. He pointed to recent successes, including the investigation and prosecution of the CBEX scam, as proof that the EFCC is staying ahead through training and intelligence gathering. Olukoyede also warned Nigerians to be careful about where they put their money. He said many people lose their savings to fake investment schemes because they do not do proper checks before investing. “No investment scam can succeed without the negligence of investors,” he added. He called on the public to report suspicious transactions early, not just after they have been defrauded. According to him, fraudsters are exploiting desperate investors and spreading scams like wildfire across Africa. The EFCC says it will keep improving its methods to protect citizens and make sure technology is not used to hide crime.