Nigeria currently ranks third globally in cyber crimes behind the UK and the US, the Nigerian Communications Commission (NCC) has revealed.

NCC made the revelation on Tuesday through its chief executive officer, Umar Danbatta,  at the ongoing 2017 annual general conference of the Nigerian Bar Association (NBA) in Lagos.

Danbatta, at a breakout session with the sub-theme: ‘The Business of Cyber Law, Internet Policy and Privacy Rights,’ moderated by Augustine Alegeh (SAN) a former NBA president, said the number of internet users in Nigeria has hit 91.6 million.

“About N127 billion was the estimated loss to cybercrime in Nigeria in 2015; Nigeria ranks third in global internet crimes behind the UK and US,” he said.

“A critical factor militating against Africa’s economic resurgence is the weakness of its institutions.

“Nigeria ranks 169 out of 199 on the World Bank’s ease of doing business rankings; we are in a middle of a revolution and the rise of what we call the networked society.

“The NCC stipulates the laws of engagement that will make the cyberspace safe and ensure the confidence as well as the safety of the cyberspace.

“There are benefits and risks of the use of cyberspace and both has to be properly managed.”

It was reported that other panelists at the breakout session were Bayo Adekanmi, the chief transformation officer of MTN and Ibikun Abidoye, the legal counsel of Chocolate City Group.

Others are Sascha Grimme, the associate solicitor of Cooley LLP, a UK-based Lawfirm; and Bisi Adebutu of Premier Lotto, better known as ‘Baba Ijebu’.