Senate has decried an annual loss of $500 million to cybercrimes in Nigeria and described the loss as a major threat to cybersecurity.
Accordingly, the upper chamber resolved to amend the Cybercrime (Prohibition and Prevention) Act 2015 to end the exploitation of Nigeria’s digital space by cybercriminals and certain individuals with misguided intentions.
Godswill Akpabio, Senate president, stated this at the inauguration of public hearing on the 2023 Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023, at the Senate Complex, Abuja.
The inauguration was at the instance of Shuaib Afolabi Salisu, chairman of the Senate Committee on ICT and Cyber Security, , Shehu Buba Umar,chairman of the Senate Committee on National Security and Intelligence, and all members of their committees.
In its report, the Nigerian Communications Commission (NCC) claimed Nigeria “is losing $500 million dollars annually to all forms of cybercrime including hacking, identity theft, cyber terrorism, harassment, and internet fraud.
At the inauguration of the public hearing, the Senate resident stressed that certain individuals with misguided intentions “are exploiting cybercrime laws and tarnishing the reputation of Nigeria.”
Akpabio, represented by Opeyemi Bamidele, Senate leader, observed that it was imperative to establish a comprehensive legal framework to deter, investigate, pursue, and prosecute cybercriminals.
The Senate president said: “In this age of rapid technological advancement and widespread internet usage, cybercrime has emerged as a grave menace to our society, economy, and personal security.
“It is imperative to strengthen the existing laws on cybercrime prohibition and prevention. In the past, certain individuals with misguided intentions exploited our weak cybercrime laws, thereby tarnishing the reputation of our country.
“They engaged in a wide array of illegal activities, such as hacking, identity theft, fraud, harassment, and cyber-terrorism. These crimes not only inflicted significant financial losses upon our country but also invaded our privacy, disrupted critical infrastructure, and eroded trust in our digital systems.”
According to the Senate president, it is of utmost national and economic importance that the nation has a comprehensive legal framework to deter, investigate, pursue and prosecute cybercriminals.
In his remarks, Salisu explained the significance of amending the Cybercrime (Prohibition and Prevention) Act (Amendment) Bill, 2023, saying it was intended to enhance the effectiveness of the law by addressing emerging threats and strengthening existing provisions.
He, therefore, challenged all the stakeholders to bring a wealth of knowledge, experience, and diverse perspectives on cybercrime to the front burner.
He pointed out that cybersecurity was a complex and multidimensional challenge that required a collaborative effort among the government, industry, civil society, and academia.
