In a recent interview, Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede disclosed the staggering financial losses suffered by Nigerian banks due to internet fraud perpetrated by “Yahoo-Yahoo Boys.”

According to Olukoyede, banks lost a staggering ₦8 billion to cybercriminals in 2022 alone. This alarming statistic highlights the severe impact of cybercrime on the nation’s financial sector.

Olukoyede further revealed that an alarming 71% of Nigerian businesses fell victim to cyberattacks in the same year. This widespread victimization has created a major deterrent to foreign direct investment, as companies hesitate to invest in a country plagued by such high levels of cybercrime.

“You want to attract foreign direct investment; the moment you come in, Yahoo boys will attack your platform. You start losing money and you think they would stay?” Olukoyede questioned, emphasizing the detrimental effects of cybercrime on the nation’s economic growth.

The EFCC chairman stressed that the commission’s relentless pursuit of cybercriminals is crucial for securing Nigeria’s future. He noted that the country cannot afford to ignore the threat posed by internet fraud, which has cost the Nigerian economy an estimated $706 million in 2022.

In addition to the financial losses, Olukoyede highlighted the risks posed to national security by cybercrime, including the potential for foreign actors to exploit vulnerabilities for malicious purposes.

To combat this growing menace, the EFCC has implemented a series of reforms, including the establishment of the Directorate of Fraud Risk Assessment/Control and Ethics/Integrity. The agency is also actively prosecuting two operatives found guilty of violating its code of conduct.

Olukoyede concluded by emphasizing the importance of collective action to combat cybercrime and safeguard the nation’s future. He urged Nigerians to report any suspected fraudulent activities and cooperate with law enforcement agencies in their efforts to neutralize this pervasive threat. CONTINUE READING