Southeast Asia cybercrime networks are expanding operations into Africa as crackdowns intensify in the subregion, according to a recent report from the United Nations Office on Drugs and Crime (UNODC).

The massive, unintended geographic shift triggered by intense pressure from international task forces in Myanmar and Cambodia,have seen highly sophisticated criminal networks now establishing footholds in major tech hubs across Kenya and Nigeria, transforming local technical talent into accomplices for industrial-scale digital theft as reported by https://streamlinefeed.co.ke/

This strategic migration represents a critical evolution in the $17 billion crypto scam economy.

Transnational scam syndicates are  organized criminal networks that run industrial-scale online fraud using trapped or trafficked labor.

The UNODC has documented this diversification, noting that African nations are increasingly targeted as operational bases due to robust internet infrastructure and a surplus of unemployed tech workers.

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In response, local authorities are engaged in a frantic game of catch-up against well-funded foreign cartels.

Recall that in 2025, UNODC, described the shift as part of a broader trend in which crime “spreads like a cancer,” into regions with weaker enforcement and limited digital safeguards.

The report pointed to the rapid proliferation of online fraud operations, including cryptocurrency scams and phishing schemes, moving from countries like Myanmar and Cambodia into new footholds in Africa—particularly Nigeria.

A recent case publicized June 12, 2025 by the WeChat public account West Africa Chinese Voice illustrates the trend: Nigeria’s Economic and Financial Crimes Commission (EFCC) arrested 177 Chinese nationals in Lagos and Abuja between December 2024 and January 2025.

The suspects were allegedly running scam centers under the guise of corporate offices, where local Nigerians were trained to carry out online investment frauds—many following the “pig-butchering” model, which builds trust with victims before luring them into fraudulent crypto investments.

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Authorities seized hundreds of SIM cards, high-performance computers, and prewritten scam scripts during the raids

Ugochukwu Eze, a 47 year-old man, was on Thursday arraigned before a Federal High Court in Lagos for allegedly hacking into the server of SunTrust Bank to steal a total of N800m.

Ugochukwu also known as Amazon, was arraigned before the court by the operatives of the Department of State Security (DSS).

DSS accused Ugochukwu of fraudulently hacking into the server of SunTrust Bank to remove and divert the sum of N800 million into several accounts in other financial institutions.

M. Bajela,prosecuting counsel, DSS, in the charges filed before the court alleged that the defendant and others now at large, between 2023 and 2026, conspired among themselves and unlawfully and seriously hindered the function of Suntrust Bank Plc’s computer system server and in the process fraudulently diverted over N800 million belonging to the bank.

Ugochukwu was also accused of concealing and transferring various sums of money traced to the unlawful cyber-attacks to some account in some financial institutions.

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The offences alleged to have been committed by the defendant according to the prosecutor contravened sections 5; 6(1) and 8 of Cybercrimes (Prohibition, Prevention etc) Act, 2024. And Sections 10, 20 and 18(2)(D) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The defendant pleaded not guilty to the allegations.

Based on his plea of not guilty, the prosecutor asked the court for a trial date, and prayed the court to remand the defendant in the facility of the correctional services pending the time trial will commence.

However, E. Afrogha, defendant’s lawyer, told the court that she has filed her client’s bail application. adding that her client has been in the DSS custody for over a month.

But the prosecution counsel told the court that he has not been served with the bail application, not withstanding that his witnesses are available.

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Based on the counsels’ submissions, Justice Friday Ogazi, presiding judge, adjourned the matter to August 24,2026 for hearing of the bail application.

The judge also ordered that the defendant be remanded in the custody of the Nigerian Correctional Services (NCS) pending the hearing of the bail application.

One of the counts against the defendant reads: “That you UGOCHUKWU EZE (AKA AMAZON) (M) (47 YEARS) sometime between 2023 and 2026 in Lagos, and other places within the jurisdiction of this honourable court, unlawfully seriously hindered the function of SunTrust Bank Plc’s computer system, and in the process fraudulently diverted over N800, 000,000.00 (Eight Hundred Million Naira) belonging to the said SunTrust Bank thereby committed an offence contrary to and punishable under Section 8 of the cybercrime (prohibition, prevention etc.) Act, 2024.”

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Securities and Exchange Commission (SEC) has intensified efforts to reduce unclaimed funds and other dormant investment assets by launching a Probate/Unclaimed Monies Awareness and Investor Clinic aimed at helping beneficiaries recover inherited investments and strengthening investor protection in Nigeria’s capital market.

Speaking at the opening of the clinic in Abuja organised by the Commission in partnership with Meristem on Thursday, Dr. Emomotimi Agama, director-general, SEC, said the initiative was designed to bridge the gap between investors’ legal entitlements and their ability to access inherited assets.

He noted that many Nigerian families face prolonged delays in accessing shares, dividends and other investments after the death of loved ones because they are unfamiliar with probate procedures, documentation requirements and registrar processes.

“For many Nigerian families, the death of a loved one who held shares, dividends, or other investments marks the beginning of a long and often confusing journey,” Agama said.

Describing unclaimed funds and dormant assets as a persistent challenge, he said they represent “real money that belongs to real families, sitting idle, disconnected from the people it was meant to serve.”

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According to him, the Commission is committed to closing the gap through policy initiatives and direct engagement with investors.

He explained that the clinic brought together the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate procedures, required documentation and the recovery of inherited investments.

“Today is not simply an awareness session. It is a working clinic, designed to equip you with practical knowledge: how probate works, how to obtain the right documentation, and how to recover what is rightfully yours,” he said.

Agama stressed that SEC’s mandate to protect investors extends beyond the lifetime of shareholders.

“This Commission exists to protect your rights in the capital market, and that protection does not end when a shareholder passes on. It extends to ensuring their beneficiaries can access what is due to them without unnecessary hardship,” he added.

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Also speaking, Ms. Nkechinyelu Okoye, acting chief executive officer, Meristem Registrars and Probate Services Limited,  identified lack of awareness and poor estate planning as key reasons billions of naira in financial assets remain unclaimed.

“There are three categories of beneficiaries that we encounter quite often. The first are those who think only land, houses and other physical assets can be transferred legally from deceased loved ones. They do not realise that financial assets such as shares, fixed income investments and even money in savings apps also form part of an estate,” she said.

Okoye said another group consists of beneficiaries who are unaware their deceased relatives owned financial assets, while a third group knows the investments exist but does not understand the claims process or required documentation.

“I dare add a fourth category. These are investors who do not provide or update their KYC documents and, as a result, when they pass on, their loved ones have no idea they have investments to claim,” she said.

According to her, these factors have contributed to the rising volume of unclaimed dividends, dormant accounts and other abandoned financial assets.

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“All of these categories contribute to the several unclaimed assets lying all around. Ultimately, financial resources that could have been beneficial to these beneficiaries remain inaccessible,” she said.

She described the investor clinic as more than an awareness programme, saying it would provide practical support to investors, beneficiaries, executors and administrators.

“Our goal is to empower investors, beneficiaries, executors, administrators and the general public with the knowledge they need to navigate probate and estate administration with greater confidence,” Okoye said.

She also urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their Know Your Customer (KYC) information to make it easier for beneficiaries to access inherited investments.

“We want investors to appreciate the importance of preparing a valid Will, maintaining accurate shareholder records and ensuring that their affairs are properly organised. Taking these simple steps today can save families considerable stress and delay in the future,” she added.

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The SEC said the clinic forms part of its broader investor protection strategy and provides participants with direct access to experts on tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed capital market assets.