The Economic and Financial Crimes Commission, EFCC, has raised fresh concerns over the damaging impact of internet fraud on Nigeria’s global reputation and the direct consequences it has on law-abiding citizens.
According to the agency, the rising tide of cybercrime, popularly known as “yahoo-yahoo,” has worsened visa restrictions and travel hurdles for innocent Nigerians abroad, creating an environment of mistrust that unfairly punishes those who have nothing to do with fraudulent activities.
EFCC Chairman, Ola Olukoyede, speaking through Chief Superintendent CSE Coker Oyegunle at a youth engagement programme in Port Harcourt, Rivers State, warned that cybercrime is not only destroying the lives of perpetrators but is also undermining the country’s socio-economic progress and image in the international community.
The event was organised by the Coalition of Nigerian Youth on Security and Safety Affairs.
Olukoyede emphasised that fraud and related financial crimes cost the country billions of naira annually.
These losses, he said, deprive citizens of critical infrastructure, limit job creation, and stifle economic opportunities. “Internet fraud, money laundering, and economic sabotage continue to erode our collective future.
It is not only about the individuals involved—it is about how the world perceives us as Nigerians.
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Unfortunately, it is the innocent, hardworking citizens who bear the brunt through stricter visa regimes and suspicion at international borders,” he said.
The EFCC boss cautioned Nigerian youths against embracing fraudulent activities in the misguided belief that they represent success. Quoting him, “Fraud is not success; it is a trap. Easy come, easy go.
Many who follow the path of yahoo-yahoo always end up losing their freedom, reputation, and future.
The law is catching up with them, and in this digital age, footprints never disappear. Don’t destroy your tomorrow with shortcuts today.”
He urged young people across the country to redirect their creativity and energy into more sustainable and productive ventures such as digital innovation, entrepreneurship, agriculture, and the creative industry.
According to him, Nigeria’s young population holds the key to national growth if their talents are applied positively rather than wasted in fraud schemes.
The EFCC also reaffirmed its commitment to tackling internet crime through a mix of enforcement and sensitisation campaigns.
Olukoyede disclosed that the agency is expanding its collaboration with local communities, schools, and youth groups to ensure awareness on the dangers of cybercrime is widespread.
The Port Harcourt event also featured other security agencies warning against related social vices.
A representative of the National Drug Law Enforcement Agency, Mathew Ewah, highlighted the growing menace of drug abuse among Nigerian youths, describing it as one of the most dangerous threats to the nation’s stability.
Similarly, the Nigeria Security and Civil Defence Corps called attention to pipeline vandalism in the South-South, warning that it undermines both national security and economic development.
In recent months, the EFCC has stepped up its operations nationwide. In August, operatives from the Lagos Zonal Directorate 1 arrested 38 suspected internet fraudsters during a raid on Mambillah Hotel in Ikorodu after days of surveillance.
Recovered items included luxury cars, smartphones, and substances suspected to be narcotics.
The agency also secured convictions in Edo State, where the Benin Zonal Directorate prosecuted 12 individuals, including two brothers, for offences related to advance fee fraud, possession of fraudulent documents, and proceeds of crime.
Justice M. Itsueli of the Edo State High Court sentenced them after they pleaded guilty.
The EFCC’s message was clear: while it will continue to pursue cybercriminals, the larger goal is to protect the reputation of Nigeria and ensure that hardworking, honest citizens are no longer unfairly penalised by the criminal actions of a few.
Olukoyede concluded by reiterating that combating fraud requires both enforcement and a change of mindset among young Nigerians. “We cannot continue like this. Every act of fraud pushes us back as a nation.
We must work together to restore integrity, protect our economy, and rebuild trust in the Nigerian passport,” he said.
Punch
