Nigeria Loses N127B Annually To Cybercrime – Buhari

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Cybercrime.
By; BAYO AKAMO, Ibadan.
Chairman Senate Committee on Information Communication Technology (ICT) and Cybercrime, Senator Fatai Buhari on Tuesday hinted that Nigeria loses about N127 billion annually to cybercrime.
Delivering a lecture entitled a lecture entitled Legislative Commitment and Cyber Crime in Nigeria: at the Law Week of Faculty of Law of the Lead City University, Ibadan, Senator Buhari said “Nigeria has been ranked third in global internet crimes coming after United States of America and United Kingdom respectively”.
He maintained that Banks in Nigeria lost approximately “N159 billion to electronic frauds and cybercrime between 2000 and 2013 and that the impact on the nation’s economy and cash less policy is significant”.
“In the year 2015, the Information Security Society of Nigeria (ISSAN) revealed that 25% of the cybercrimes in Nigeria are unresolved and that 7.5% of the world’s hackers are Nigerians. Cybercrime is an image trauma for Nigeria. It is a source of concern and embarrassment for the nation. Statistically, Nigeria loses about 127 billion naira annually to cybercrime (NSA, 2016). A figure which represents 0.8% of the country’s GDP and a figure which will continue to grow unless the National Assembly act fast and intensifies its efforts in preventing this unwholesome act”he said.
The Senator representing Oyo North Senatorial district maintained that “the absence of enabling laws or appropriate law to guarantee the legality of online transactions, continue to create fear in the mind of users and potential online users”.
Senator Buhari disclosed that there is the urgent need for the National Assembly to rise up to the task of playing vital role “in preventing the threat posed by cybercrime adding that “it is required of the National Assembly of Nigeria to legislate upon illegal access, illegal interception, data interference, system interference, misuse of devices, computer related forgery, computer related fraud, offences related to child pornography, offences related to infringements of copy rights and related rights, attempts and aiding or abetting – all related to cybercrime”.
The Chairman Senate Committee on Information Communication Technology (ICT) and Cybercrime, added that “the commitment of the Nigeria legislature to curb the menace of cybercrime gradually changed in the recent years” with the passing of the Cybercrime Act 2015 and Electronic Transactions Bill 2016”.
“Effective cybercrime legislation ensures cybersecurity which helps people reduce vulnerability of their Information and Communication Technology (ICT) systems and networks, helps individuals and institutions develop and nurture a culture of cybersecurity and also helps understand the current trends in IT/cybercrime and develop effective solutions. The problem is the need for legislative commitment which is considered an integral component of a national cybersecurity that will make policing easier”.
Senator Buhari however urged “the security experts, public analysts, stakeholders, policy makers, civil society groups and the organized private sector to assist the National Assembly in fight against cybercrime by bringing up memos, drafts, proposals and participating in National Assembly Public Hearings and Symposiums whenever they are invited for inputs into cybercrime/ cybersecurity and other important bills for the development of the country”.

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