The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has highlighted the severe impact of internet fraud, commonly referred to as “yahoo yahoo,” on Nigeria’s economy. In 2022, the country experienced a staggering loss of over $500 million due to the activities of these cybercriminals.
Olukoyede disclosed that numerous international companies were forced to cease their Nigerian operations following significant financial losses from local wire fraud. He emphasized that the prevalence of internet fraud has severely damaged Nigeria’s credit reputation, leading to restrictions on credit card availability and international transactions for Nigerians.
Speaking at the Global Peace Movement International awards, where he was honored as Man of the Year, Olukoyede provided alarming statistics. “In 2022, over $500 million was lost to internet fraud, with about 71 international companies leaving Nigeria after their accounts were hacked,” he said. The widespread fraud has led to a poor credit rating for Nigeria, affecting the ability to obtain credit cards and use Nigerian cards on certain international platforms.
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Olukoyede vowed that under his leadership, the EFCC would address all forms of economic and financial crimes. He noted that corruption often starts at local levels and escalates if not addressed early. “We will tackle both minor and major crimes. Many high-profile offenders began by stealing in local governments and school associations. If these minor crimes are ignored, they become major issues,” he stated.
The EFCC chairman reassured Nigerians of his commitment to fight corruption and not spare any corrupt individuals. He promised to uphold the trust placed in him and to work diligently to reduce financial crimes in the country.
