Nigeria Loses N78b to Cybercrimes in 2015

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Shittu

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Adebayo Shittu, minister of communications, says Nigeria lost N78 billion to cybercrimes which targets financial institutions, ministries, departments and agencies of government in 2015

By Anayo Ezugwu  |  Jan 25, 2016 @ 01:00 GMT  |

DESPITE the passage of Cyber Crime Bill into law in 2014 by the National Assembly, Nigeria lost more than N78 billion to cyber crimes in 2015. Adebayo Shittu, minister of communications, said financial institutions, ministries, departments and agencies, MDAs, as well as their affiliates have become targets for people who engage in cybercrimes.

The Minister, who spoke at the recent capacity enhancement and sustainability workshop for Africa Centres for Excellence, organised by the National Universities Commission, NUC, last week, said his ministry submitted recommendations to the government on how to tackle cyber crimes. “It is also note worthy to mention here that Nigeria currently loses about 78 billion yearly to activities of cyber criminals whose major targets are the financial institutions, and the MDAs, as well as their affiliates,” he said.

According to him, the bill which the Senate passed on October 24, 2014, was timely and would protect and punish electronic fraud and other cyber related crimes in the cyberspace. The Bill was meant to bring about a sustained strategic, tactical and operational approach to the fight against cyber crime in the country. It was also to protect critical national infrastructure in line with the need for a broader coverage of cyber related crimes and the emerging global trends of cyber-terrorism.

The Bill provides seven years imprisonment for offenders of all kinds of computer related fraud, computer related forgery, cyber-pornography, cyber-stalking and cyber-squatting among others.

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