The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed alarming figures indicating that Nigerian banks suffered losses exceeding N8 billion to internet fraud, commonly referred to as “Yahoo-Yahoo Boys,” in the year 2022.
During an interactive session with media executives in Abuja, Olukoyede emphasized the detrimental impact of cybercrime on businesses and the nation’s ability to attract foreign direct investment. He highlighted that a staggering 71 percent of companies operating in Nigeria fell victim to cybercrime in 2022 alone, underscoring the urgent need for robust measures to combat this threat.
Olukoyede lamented the adverse effects of cybercrime on the Nigerian economy, citing a loss of $706 million within the same period due to fraudulent activities targeting companies. He emphasized the importance of addressing cybercrime to safeguard Nigeria’s future and create a conducive environment for investment.
Furthermore, Olukoyede raised concerns about the proliferation of “419 training schools” across the country, where young individuals are indoctrinated into cybercrime activities from a tender age. He noted that even children from affluent backgrounds have been drawn into this trend, exacerbating the problem.
In response to the escalating cybercrime epidemic, the EFCC has established a cybercrime research center aimed at reorienting convicted offenders towards more constructive contributions to society.
Regarding ongoing investigations into the Ministry of Humanitarian Affairs and subsequent suspension of Minister Dr. Betta Edu, Olukoyede clarified that the probe transcends individual personalities and focuses on systemic issues. He disclosed instances of large-scale fund mismanagement, including the unauthorized transfer of N14 billion within an hour, underscoring the depth of the systemic challenges faced.
Olukoyede emphasized the complexity of the investigation, involving scrutiny of over 50 accounts and collaboration with financial institutions. He emphasized the need for patience and thoroughness in the investigative process to ensure accountability and recover misappropriated funds.