The Economic and Financial Crimes Commission (EFCC) has warned that the rise in internet fraud, known as “Yahoo-Yahoo,” is damaging Nigeria’s international reputation and leading to stricter visa restrictions for innocent Nigerians.
EFCC Chairman Ola Olukoyede, represented by CSE Coker Oyegunle, spoke at a youth event in Port Harcourt, Rivers State, organized by the Coalition of Nigerian Youth on Security and Safety Affairs.
Olukoyede highlighted that internet fraud, money laundering, and economic sabotage cost Nigeria billions annually, stunting development and limiting opportunities. Beyond financial losses, these crimes tarnish Nigeria’s global image, resulting in tougher travel conditions for law-abiding citizens.
He urged youths to pursue legitimate paths like digital innovation, entrepreneurship, agriculture, or the creative industry, warning that fraud leads to lost freedom, reputation, and future prospects due to traceable digital footprints.
The EFCC is intensifying efforts through sensitization, enforcement, and community collaboration. At the same event, the NDLEA flagged drug abuse as a major threat to youths, while the NSCDC warned against pipeline vandalism in the South-South.
Recently, the EFCC arrested 38 suspected fraudsters in Lagos, recovering vehicles, phones, and suspected narcotics, and secured convictions of 12 individuals, including two brothers, in Benin for fraud-related charges.
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