The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed deep concern over the detrimental effects of internet crimes, commonly known as “yahoo yahoo,” on Nigeria. Speaking at the Global Peace Movement International awards, where he was honored as Man of the Year, Olukoyede highlighted the severe economic repercussions of cyber fraud.
Olukoyede revealed that in 2022 alone, the country suffered losses exceeding $500 million due to the activities of internet fraudsters. He pointed out that this surge in cybercrime led to the closure of operations for 71 international companies in Nigeria, who had fallen victim to local wire fraud.
“In 2022, we lost over $500 million in our economy to yahoo boys. The statistics are there. In the same year, about 71 international companies left Nigeria because they hacked their accounts,” Olukoyede stated. He also emphasized the broader impact of these crimes on Nigeria’s financial credibility, noting that poor credit ratings have limited Nigerians to using debit cards rather than credit cards.
The EFCC chairman lamented the difficulties Nigerians face when using their cards internationally and the suspicion that often accompanies Nigerian passports abroad. “Do you know that there are some international merchants that you cannot use Nigerian cards on their platforms? Display your green passport outside the country and see if they will not take you aside and search you thoroughly,” he said.
Olukoyede assured that under his leadership, the EFCC would leave no stone unturned in addressing economic and financial crimes. He emphasized the importance of tackling corruption at all levels, starting from local governments and school associations where many future high-level offenders first engage in financial misconduct.
“We will do the mini; we will do the mega. If you don’t do the mini, the mini will become the mega. Some of these people stealing money in high places started from the local governments, they started as leaders of associations in schools, where they stole money and they did nothing to them and it became part of their lives,” Olukoyede explained.
Promising not to disappoint Nigerians, Olukoyede vowed to spare no corrupt individuals, reiterating his commitment to combating fraud and restoring financial integrity in Nigeria.
The EFCC’s Head of Media and Publicity, Dele Oyewale, released a statement detailing Olukoyede’s remarks at the event.
