Internet Fraud: A 'Stain' on Nigeria's Image, Warns EFCC Chair
The Economic and Financial Crimes Commission (EFCC) is stepping up its fight against internet fraud, with its Executive Chairman, Ola Olukoyede, issuing a stern warning about cybercrime's devastating impact on Nigeria's global standing, the future of its youth, and foreign direct investment.
Olukoyede has consistently highlighted that the pervasive involvement of young Nigerians in internet fraud, commonly known as "Yahoo Yahoo," is a grave concern for the nation. During a recent address at the "Regional Youth Convergence on Internal Security and Digital Innovation" in Asaba, Delta State, on Friday, July 4, 2025, he described the trend as a "stain on us as a people and as a nation." He emphasized that such activities not only undermine the future of those involved but also severely tarnish Nigeria's international reputation.
Cybercrime's Economic and Societal Toll
The EFCC Chairman has repeatedly underscored the critical fallout from rampant internet fraud:
Damaged International Reputation: Cybercrime significantly harms Nigeria's standing on the global stage, making it tougher for legitimate Nigerian businesses and individuals to thrive internationally.
Deterred Foreign Investment: The widespread nature of online fraud discourages foreign direct investment (FDI), as investors perceive Nigeria as a high-risk environment due to fraudsters' activities. This directly impacts economic growth and job creation.
Erosion of Values and Productivity: Olukoyede expressed concern that the allure of "quick wealth" through fraudulent means is eroding the work ethic and entrepreneurial spirit among Nigerian youth, leading to a decline in genuine innovation and productivity. He stressed that there are "no shortcuts to wealth" and that criminal routes lead to "misery and gnashing of teeth."
Mental Health Implications: The EFCC has also noted the significant mental health implications for those involved in cybercrime, including anxiety, depression, and fear of arrest.
EFCC's Multi-Pronged Approach to Combat Cybercrime
In response to this growing threat, the EFCC is deploying a range of strategies:
Public Sensitization and Re-orientation: The Commission is actively engaging with Nigerian youth through symposia, integrity clubs in universities, and public enlightenment campaigns via EFCC Radio. These initiatives aim to redirect young people toward ethical conduct, innovation, and legitimate pathways to success. Olukoyede asserted that the EFCC "believes that there are alternatives to cybercrime and that criminal routes are not positive routes to a good future."
Establishment of a Cybercrime Research Centre: To provide youth with viable alternatives, the EFCC is setting up a Cybercrime Research Centre. This center aims to offer opportunities for young people to explore innovation, digital literacy, and ethical conduct within the digital space.
Enhanced Technological Capabilities: Recognizing the evolving nature of cybercrime, including the use of Artificial Intelligence (AI) and deepfake technology, the EFCC is committed to enhancing its technological capabilities and integrating advanced forensic tools for more effective investigations.
Strategic Partnerships: The EFCC is strengthening collaborations with local and international partners. A notable recent development (March 2025) is the enhanced cooperation with the French Government on asset tracking and cybercrime investigation, acknowledging the borderless nature of financial crimes. Nigeria has also launched a Joint Case Team on Cybercrime with support from the Commonwealth and the UK, bringing together key justice and security agencies, including the EFCC, to streamline the detection, investigation, and prosecution of digital offenses.
Judicial Capacity Building: The Commission has organized capacity development programs for judges and justices, in partnership with the National Judicial Institute, to deepen the judiciary's understanding of economic and financial crimes for more effective prosecutions.
The EFCC continues to urge Nigerian youth to shun internet fraud and embrace legitimate endeavors, emphasizing that the Commission's operations against cybercrime are "focused, relentless and fruitful." Their goal is to instill a culture of zero tolerance for corruption and build a generation committed to good governance and national development.
