According to Punch Newspaper, The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns about the significant impact of internet crimes, commonly known as “yahoo yahoo,” on Nigeria's economy and international reputation. Addressing the issue, Olukoyede highlighted the severe repercussions of cyber fraud on both local and global levels, emphasizing how these illegal activities have tarnished Nigeria’s image and hindered its financial stability.
According to Olukoyede, numerous international companies have been compelled to cease their operations in Nigeria due to substantial financial losses attributed to local wire fraud. The chairman pointed out that these criminal activities have not only caused a loss of confidence among foreign investors but also affected the broader economic landscape by reducing job opportunities and slowing down economic growth.
The financial implications of internet fraud are staggering. In 2022 alone, over $500 million was reported lost due to the activities of cybercriminals. This significant financial drain underscores the urgent need for more robust measures to combat such crimes and restore confidence in Nigeria's financial systems. Olukoyede’s remarks shed light on the scale of the problem and the challenges faced by regulatory bodies in curbing these illicit activities.
Speaking at the Global Peace Movement International awards, where he was honored as the Man of the Year, Olukoyede elaborated on the broader consequences of cybercrime on Nigeria's financial services. He mentioned the country's struggle with poor credit ratings, which have been severely impacted by the prevalence of internet fraud. This situation has restricted Nigerians to using debit cards, as the trust required for issuing credit cards is undermined by the high incidence of fraud.
He said, “We can’t get credit cards in Nigeria because of our poor credit rating because of the activities of these cyber criminals. So, the best we can get is debit cards.