The Nigerian Immigration Service has commenced the deportation of 192 Chinese and Philippine nationals convicted for their role in a large-scale cyber fraud and Ponzi scheme that authorities say posed a major threat to Nigeria’s financial system.

The first batch of 42 convicts is scheduled to leave Lagos on Sunday afternoon, with additional deportations planned for Monday and Tuesday.

They were among 759 individuals arrested during a December 2023 raid on Oyin Jolayemi Street, Victoria Island, Lagos, in what regulators have described as one of Nigeria’s largest anti-cybercrime operations.

The Economic and Financial Crimes Commission, which prosecuted the cases, revealed that the syndicate used fake online identities and trained employees of Genting International Co. Limited to perpetrate fraud.

The scheme reportedly siphoned millions of dollars from unsuspecting victims while attempting to launder proceeds through Nigerian financial channels.

Analysts say the crackdown underscores growing regulatory vigilance as Nigeria seeks to strengthen investor confidence, protect digital transactions, and safeguard the country’s fintech sector, which is one of the fastest growing in Africa.

EFCC Chairman, Ola Olukoyede, described the convictions and deportations as a milestone in Nigeria’s anti-fraud campaign, adding that the move reinforces President Bola Tinubu’s anti-corruption agenda.

He said the agency is intensifying investigations, recovering stolen assets, and protecting the integrity of Nigeria’s financial system.

Analysts note that cyber fraud remains a reputational risk for Nigeria, particularly as the government courts foreign investment in banking, payments, and digital infrastructure.

The December raid and subsequent convictions are now being positioned by regulators as proof of Nigeria’s resolve to protect the business environment against transnational financial crimes.