EFCC Chairman Ola Olukoyede expressed concern over the detrimental impact of internet fraud, commonly known as "yahoo yahoo," on Nigeria's economy. He revealed that in 2022, the country lost over $500 million due to the activities of cybercriminals. Olukoyede disclosed these statistics during the Global Peace Movement International awards ceremony, where he was honored as Man of the Year, as reported by PUNCH.
According to a statement by the EFCC's Head of Media and Publicity, Dele Oyewale, Olukoyede highlighted that the financial losses suffered by several international companies forced them to cease operations in Nigeria, attributing these closures to significant financial theft through local wire fraud. He also mentioned the adverse effects on Nigeria's credit rating, making it difficult to obtain credit cards, with debit cards being the best available option.
He said, “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. 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.
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.”
Olukoyede emphasized that under his leadership, the EFCC would leave no form of economic or financial crime unaddressed. He underscored the importance of holding accountable those involved in corruption, stating that addressing corruption at all levels of society, from local governments to school associations, was crucial to curbing the pervasive culture of 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,” he said.