The Economic and Financial Crimes Commission (EFCC) has expressed grave concern over the surging wave of internet fraud in Nigeria, warning that the scourge is not only crippling the nation’s economy but also worsening the plight of innocent Nigerians seeking to travel abroad.
Speaking at a youth-focused security and safety summit held in Port Harcourt, the EFCC Chairman, Mr. Ola Olukoyede, said that the unchecked rise in cybercrime is directly responsible for the increasingly stringent visa restrictions being imposed on law-abiding Nigerian citizens by foreign governments.
Mr. Olukoyede, who was represented by Chief Superintendent of the EFCC, CSE Coker Oyegunle, said the consequences of online fraud go far beyond the perpetrators themselves, reaching deep into the heart of Nigeria’s global reputation and economic wellbeing.
In a statement released by the Commission on Tuesday, the EFCC boss lamented that “fraudulent practices such as internet scams, money laundering, and economic sabotage are bleeding Nigeria of billions of naira every year.”
He noted that these criminal activities rob the country of critical investments, infrastructure development, job creation, and opportunities for its teeming youth population.
“Beyond the economic damage, the crimes erode Nigeria’s international image and subject innocent Nigerians to stricter visa restrictions abroad,” the statement added.
Olukoyede made a passionate appeal to youths, especially in the South-South region, to resist the lure of cybercrime and embrace legitimate pathways to success. He encouraged them to explore opportunities in digital innovation, entrepreneurship, agriculture, and the creative industry.
“Fraud is not success; it is a trap. Easy come, easy go,” he warned. “Many who follow the path of ‘Yahoo Yahoo’ end up losing their freedom, reputation, and future. The law is catching up with them and digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today.”
The EFCC Chairman further affirmed the Commission’s commitment to ramping up public sensitisation, stepping up enforcement, and strengthening collaborations with local communities in the fight against internet-related crimes.
The Port Harcourt event, organised by the Coalition of Nigerian Youth on Security and Safety Affairs, also featured contributions from other key stakeholders.
A representative of the National Drug Law Enforcement Agency (NDLEA), Mr. Mathew Ewah, drew attention to the devastating impact of drug abuse among Nigerian youths, describing it as one of the most pressing threats to the nation’s future.
The Nigeria Security and Civil Defence Corps (NSCDC) also used the platform to warn against pipeline vandalism in the Niger Delta region, calling for greater community involvement in protecting national assets.
The EFCC’s concerns come amid an intensified crackdown on cybercrime across Nigeria. In August, operatives of the Lagos Zonal Directorate 1 stormed the Mambillah Hotel in Ikorodu and arrested 38 suspected internet fraudsters after a sustained surveillance operation. Recovered items included vehicles, mobile phones, and substances suspected to be narcotics.
In a similar move, the EFCC’s Benin Zonal Directorate secured the conviction of 12 individuals — including two brothers — for various fraud-related offences.
Justice M. Itsueli of the Edo State High Court sentenced the accused after they pleaded guilty to charges bordering on advance fee fraud, possession of fraudulent documents, and unlawful retention of criminal proceeds.
