Reports indicate that there are quite a good number of cybercrime cases either being investigated or being prosecuted in Nigeria today. The Federal Bureau of Investigations (FBI) is said to have filed many cases alleging that the suspects engaged in money laundering, hacking, scamming, banking fraud, identity theft and impersonation.
In 2020, for instance, FBI was quoted to have arrested a suspect for conspiracy to commit computer fraud and wire fraud. He was alleged to have received eleven million dollars under false pretense.
What usually gives these people away is their greed and unusual flamboyant lifestyle. One of the suspects was said to have over 2.4 million followers on his Instagram page. His posts were usually about his luxury bags, fleet of luxury cars, designer wears, private jets, yachts, and expensive watches. He usually posed in five-star hotels for effect.
The emerging cybercrime is a present danger to the society. It has taken a frightening dimension, largely because of our warped value system, which tolerates unbridled opulence. Now, it does not matter how some people made their money. That is why there is urgent need for reevaluation of our social values.
Already, the involvement of our youths in cybercrime is giving us a bad image abroad. The situation has become so bad that a Dubai recruitment firm once posted a job opening online for Africans but excluded Nigerians.
The unfortunate action is a reflection of the growing anger against cybercrime. In 2020, it cost the global economy as much as six hundred billion dollars. A report indicates that in just one minute on the internet, two point nine million dollars was lost to cybercrime in 2019. Banking sector is reportedly the most affected. Experts estimate that approximately 5.2 trillion dollars in global value will be at risk from cyber-attacks from now to 2023.
Undoubtedly, cybercrime will remain a major concern for years to come. But no crime goes forever. This is why the investigation and trial of culprits must be thorough. The security agents must apprehend those involved in cybercrime and bring them to book.
Besides, the extant cybercrime law must be amended to take care of the current realities. Nigerian Cybercrime Act 2015, among others, prescribes death penalty for an offence against system or network designated as critical national infrastructure which results in the death of an individual. Under the Act too, convicted hackers are liable to a fine of up to N10 million or a term of imprisonment of five years.
There are some loopholes in the Act, which must be addressed. Many lawyers and activists believe that the Act is oppressive, repressive and illegal as some of its provisions offend the rights to freedom of expression and media freedom. Under the Act, some journalists and bloggers have also been harassed and threatened by the authorities.
The arrest and trial of suspects should remind youths that there is no shortcut to success. The reality is that people can make fortunes through hard work. There are many Nigerian professionals who are doing positive things in different parts of the world.
Just sometime ago, a Nigerian, Mr Ikenna Nweke, received commendations from the Japanese government for returning a lost wallet containing large sums of money and a credit card. Also, another Nigerian, Dr Chidubem Obi, made history by becoming the first African to graduate with 5.0 Grade Point Average (GPA) from Sechenov Medical University in Russia.
Nigerians are reportedly the most educated immigrants in the United States. About 25 per cent of all black students at Harvard Business School are said to be Nigerians. We urge the youths to emulate these exemplary Nigerians.
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