The Economic and Financial Crimes Commission (EFCC) has arrested 792 individuals allegedly involved in cryptocurrency investment fraud and romance scams during a landmark operation in Lagos.
In a press briefing on December 16, 2024, the EFCC Chairman, Ola Olukoyede, revealed that the suspects were apprehended on December 10, 2024, at a seven-story building called Big Leaf Building, located at No. 7 Oyin Jolayemi Street, Victoria Island. Among those arrested were 148 Chinese nationals, 40 Filipinos, two Kharzartans, one Pakistani, and one Indonesian.
The suspects allegedly operated an elaborate scam network, training Nigerian recruits in the building to target victims worldwide. Speaking through Wilson Uwujaren, the EFCC Director of Public Affairs, Olukoyede disclosed that the facility was equipped with high-end desktop computers and hosted over 500 SIM cards from local telecom operators, used to facilitate fraudulent activities.
The EFCC uncovered that the syndicate created fake online profiles to lure victims, primarily from the U.S., Canada, Mexico, and Europe, into romance and investment scams. These victims were directed to invest through a fraudulent platform called www.yooto.com, often starting with activation fees as low as $35.
The Nigerian accomplices were recruited for their computer skills and trained to pose as foreign women online. Once they established trust with victims, foreign syndicate leaders took over the interactions, completing the fraudulent transactions while cutting off Nigerian recruits from the scheme. Payments to the Nigerian accomplices were made informally, either in cash or through personal accounts, without official employment contracts.
Recovered items included desktop computers, mobile phones, laptops, cars, and SIM cards.
Olukoyede emphasized the EFCC’s commitment to combating transnational fraud, stating: “Foreigners are exploiting Nigeria’s reputation to establish criminal enterprises, but this operation demonstrates that no hiding place exists for such individuals.”
He also highlighted ongoing collaboration with foreign agencies to trace the extent of the scam and uncover connections to organized international fraud cells.
The acting Zonal Director, Michael Wetkas, called for stronger partnerships with the media to amplify anti-corruption efforts.
The suspects will face prosecution upon the conclusion of investigations.
