Senate Raises Concern over $500 Million Annual Loss Due to Cyber Crime

By Iyojo Ameh

The Nigerian Senate has raised concerns over the staggering annual loss of $500 million to various cybercrimes across the nation. The upper chamber emphasized that the failure to adequately fund the national cyber-security program could jeopardize the advancements made in the digital economy.

During the inauguration of the public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill at the Senate Complex in Abuja, Senate President, Senator Godswill Akpabio, highlighted the worrying trend.

He stressed the urgent need to amend the Cybercrime Act of 2015 to curb the exploitation of Nigeria’s digital space by cyber criminals and individuals with misguided intentions.

According to reports from the Nigerian Communications Commission (NCC), the country is hemorrhaging $500 million annually due to various cybercrimes, including hacking, identity theft, cyber terrorism, harassment, and internet fraud.

Akpabio, represented by Senate Leader Senator Opeyemi Bamidele, underscored the imperative of establishing a robust legal framework to deter, investigate, pursue, and prosecute cyber criminals. He lamented the misuse of weak cybercrime laws by certain individuals, tarnishing the nation’s reputation.

In agreement, Senator Shuaib Afolabi Salisu, Chairman of the Senate Committee on ICT and Cyber Security, emphasized the necessity of amending the Cybercrime Act to address emerging threats and strengthen existing provisions. He urged stakeholders to contribute their knowledge and experiences to combat cybercrime effectively.

Echoing these concerns, Senator Shehu Buba Umar from the Senate Committee on National Security and Intelligence raised grave apprehensions about the rampant exploitation of cyber security across all sectors. He proposed that prioritizing funding for cyber security should be a national urgency on par with the recent declaration of a national food security emergency by President Bola Ahmed Tinubu.

Umar highlighted the handicaps faced by several agencies, including the EFCC, ICPC, NITDA, CBN, and the Nigeria Police, due to the limitations within the current cybercrime laws. He stressed the necessity of revisiting and prioritizing enforcement of national cyber security directives to safeguard the nation’s interests.