The scourge of internet crimes, often referred to as “yahoo yahoo,” has had a detrimental effect on Nigeria’s economy, as highlighted by Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC). Olukoyede lamented the impact of cyber fraud on the country, citing incidents where international companies were forced to close their Nigerian operations due to massive financial losses from local wire fraud.
He revealed that over $500 million was lost in 2022 alone as a result of the activities of internet fraudsters. Speaking at the Global Peace Movement International awards ceremony where he was named Man of the Year, Olukoyede emphasized the need to tackle economic and financial crimes effectively.
The EFCC chairman vowed to address all forms of corruption, noting that even individuals stealing money from high positions often started their illicit activities at lower levels of governance or organizations. He pledged to uphold the trust of Nigerians and ensure that the corrupt face consequences for their actions.
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