The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed grave concerns over the devastating impact of internet fraud on Nigeria's international reputation and internal security landscape.
Speaking at a press briefing on Monday at the EFCC headquarters in Abuja, Olukoyede highlighted that cybercrime, commonly known as "Yahoo Yahoo," has evolved into a significant national challenge with far-reaching consequences.
National Image Crisis
"We are facing a crisis. When you travel with a Nigerian passport, you are often subjected to suspicion. That is the level of damage these young internet fraudsters have done to our image," Olukoyede lamented.
The EFCC chairman revealed a disturbing trend where cybercriminals have expanded their operations beyond online fraud into more violent criminal activities.
"Some are now involved in banditry and kidnapping. When they are unable to defraud victims online, they turn to these violent crimes. Others serve as conduits for laundering funds stolen by politically exposed persons," he added.
Political Money Laundering Connection
According to Olukoyede, many young fraudsters have become instrumental in moving large sums of illicit funds abroad for politically exposed persons, utilizing cryptocurrency and other digital channels.
"They help buy houses, cars, and other luxury items for these individuals," he explained, citing a case of a 22-year-old suspect recently arrested by the EFCC who had handled over N5 billion in financial transactions within 18 months despite having no legitimate employment.
Expressing concern about the values being instilled in younger generations, Olukoyede questioned, "You see secondary school students driving luxury vehicles, what kind of nation are we building?"
EFCC's Progress in Fighting Financial Crimes
The EFCC Chairman disclosed that in 2024 alone, the agency has secured 4,111 convictions and recovered over N365.4 billion. He reaffirmed the commission's commitment to strengthening its capacity and ensuring professionalism, integrity, and accountability in the fight against economic and financial crimes.
Olukoyede emphasized that the commission will continue its efforts to combat cybercrime and protect Nigeria's reputation both domestically and internationally.
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