Economic and Financial Crimes Commission (EFCC) has raised the alarm over the dangers of cybercrime, saying Nigeria lost over $500 million to it in 2022.

Ola Olukoyede, chairman, EFCC, who spoke on Tuesday at a  National Cybercrime Summit organised by his agency, said that “Projections by multiple sources show that the global loss to cybercrimes may reach a staggering $10.5 trillion,” the EFCC chief said in Abuja.

“As a matter of fact, the research I did earlier this year confirmed that cybercrime has become the third largest GDP in the world with approximately 2,328 cases occurring daily.

“The implication of all this is that if left unchecked, cybercrimes portend grave dangers to the entire world. Bringing it to Nigeria, in 2022 alone, Nigeria lost over $500 million to cybercrime.”

He said cybercrime accounts for a significant percent of the convictions recorded by the agency since his one year of resuming as the chairman of the EFCC.

“These are the realities stalking the Commission’s fight against these crimes,” he said. “Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by EFCC in my one year as the Executive Chairman of EFCC.”

But Olukoyede said there are plans to rechannel the energies of young people who are mostly perpetrators of cybercrime.

“First, there is an alternative of creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud,” he told the gathering.

“Today’s event is tailored towards exposing young Nigerians with strong tech skills to the opportunities that are bound in various industries and sectors for legitimate wealth, creation, and honest livelihood.

“These opportunities can be found in the creative industry, tech, ecosystem, financial services sector, medical services, and even law enforcement, your lens.”

Career and entrepreneurship accelerator, ALX Africa, furthered the course for innovative products creation by recently organizing an exclusive product management masterclass for its community members, further cementing its position as a leading tech accelerator on the continent.

The masterclass was designed for learners on the ALX Founders Academy. This comprehensive entrepreneurship program offers participants insights and tools to ideate, develop, and validate their innovative ideas into viable businesses.

The programme engages a vibrant community of peers who gain insights from successful African startup founders with live masterclasses such as this.

The master in this case, Chidi Afulezi, a product specialist, founder, and Managing Principal of redKola Digital Labs, led the session with an in-depth look into the key principles of product development and management.

Emphasizing the importance of discovering and validating the problems and crafting solutions that align with the needs and opportunities of the market.

“Entrepreneurs need to fall in love with the problem they are trying to solve. The entrepreneur’s journey is one of discovery. Discovering the problem, discovering the customers that have these problems, and discovering the solutions to the problem. With this discovery, they can build a product that is viable, feasible, and valuable.” Chidi remarked.

Reflecting on the event, Country General Manager, ALX Nigeria, Ruby Igwe said, “We organize impactful sessions like this masterclass to inspire our learners and give them the tools they need to succeed. Our goal is to ensure that they are equipped with the best resources and knowledge to create products that will shape the future of Africa’s economy.”

ALX Founder Academy has contributed to the success stories of many African startups, including Aquatrack, Luna, and Healthtracka, a digital health platform that raised $1.5m in 2022.

After a six-month nationwide search for brave and remarkable children, Mary Timbee, Khalifa Aminu, and Kundushima Kwana emerged winners in the season 16 of the Indomie Heroes Awards (IHA) at a grand finale ceremony organized by Dufil Prima Foods, makers of Indomie Instant Noodles, which held at the Ultima Studios, Lekki, Lagos recently.

The winners announced by the judges were chosen after meeting the criteria outlined in the call for entries, which recognized them along three categories: Physical Bravery, Social Bravery, and the Intellectual Bravery, all by children aged 15 years and below.

The selection process of this year’s winners, left a lasting impression on the judges who were greatly moved by the stories of these children who had against all odds showed grit, intelligence, compassion, and creativity as they noted that their remarkable achievements served as evidence to the potential and resilience of the Nigerian child.

The winner of the Social Bravery category, Mary Timbee, a courageous young girl, was honored for her exceptional bravery in escaping a forced child marriage.

Her determination did not stop there, as she dedicated herself to educating others about the dangers of child marriage and child prostitution. Her commendable efforts led to the rescue of four more girls from similar situations, showcasing her unwavering commitment to protecting vulnerable children.

Khalifa Aminu, a talented teenage inventor, came out on top in the Intellectual Bravery category were he was recognized for designing innovative eyeglasses for the visually impaired. His invention, equipped with a built-in beeper that alerts users to nearby objects, showed his exceptional problem-solving skills and dedication to improving lives.

Also, Kundushima Kwana, a brave teenage boy took home the award for the Physical Bravery category, after risking his life during a herdsmen invasion in Benue State. Despite losing an arm during the confrontation with the herdsmen, Kundushima displayed extraordinary courage by confronting the attackers to protect and save the lives of women and children in his community.

To further empower these exceptional young individuals, Dufil Prima Foods presented each winner with a cash prize of N1.5 million. This significant award provides vital financial support to help them pursue their passions and continue making a positive impact. Additionally, they were announced as Indomie brand ambassadors for one year.

The event which was compered by Nancy Isime, also had in attendance, Sola Salako, Founder and President of the Consumer Advocacy Foundation of Nigeria (CAFON), Professor Abiola Sanni, Dean-elect of the Faculty of Law, University of Lagos, and other distinguished guests.

Group Head of Communications and Events Manager for Dufil Prima Foods, Temitope Ashiwaju joyously explained that, “A lot of times the people that have been celebrated in our country have been adults who would do things and expect a reward, but when children perform these wonderful feats, they do not have anything behind why they’re doing it.

“They don’t see a reward coming to them, they do it spontaneously and we feel that the more of them that we encourage in our society, the more likely for a better tomorrow for Nigerians and most especially for the young generation coming behind.”

The Indomie Heroes Awards, an annual initiative established to identify, celebrate, and reward brave Nigerian children marked its 16th edition, reinforcing the brand’s commitment to inspiring a culture of heroism and recognizing the potential of Nigeria’s future leaders. By honoring these young heroes, Indomie aims to build a society that values and supports the development of exceptional young individuals.

The awards ceremony featured entertaining performances by renowned spoken-word artist Ibquake, Tripple Heritage Dance Company, Makayla, and the talented child dancers of The Dream Catchers. Distinguished guests, including notable figures from various fields, attended to honor the winners.