Nigeria has lost over N1.1 trillion to cyberattacks in seven years, despite the existence of the Cybercrime Act.
Nigeria has lost over N1.1 trillion to cyberattacks in seven years, despite the existence of the Cybercrime Act. In 2024 alone, financial institutions lost N53.4 billion to hackers. Cybervergent reported a N10 billion theft from a top-tier bank, prompting the freezing of 800 accounts. Yet, civil society claims authorities misuse the Cybercrime Act to target dissent rather than protect critical infrastructure.
Force PRO ACP Olumuyiwa Adejobi said, “It is ignorant to say we are hiding under the Cybercrime Act to suppress dissent.” However, SAN Kunle Edun argued, “This is abuse of power… The weaponization of the Cybercrimes Act… is only meant to decimate dissenting voices.”
Arrests of critics, including Dele Farotimi and TikToker Olumide Ogunsanwo, have raised concerns. Lawyer Nwachukwu Odoemelam warned this focus leaves infrastructure vulnerable. He urged transparent enforcement and collaboration. Section 24 of the Act, used in most cases, covers cyberstalking, threats, and offensive messaging, carrying heavy penalties. Experts call for reform to refocus enforcement.