Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has raised the alarm that organised foreign fraud syndicates are establishing cells in Nigerian cities.

Speaking when he received participants of the Executive Intelligence Management Course, EIMC 18, Olukoyede highlighted that the criminals are recruiting young Nigerians into serious organised cybercrimes, including cryptocurrency fraud.

The EFCC boss said they are beginning to see the propensity that a lot of these people (including foreigners some of who are already ex-convicts in their countries) are into illegal importation of arms into Nigeria, using cryptocurrency as means of payment.

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