EFCC: Nigeria Loses $500 Million To Internet Fraud

EFCC: Nigeria Loses $500 Million To Internet Fraud....KINDLY READ THE FULL STORY HERE▶

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed on Thursday that internet fraud has severely affected Nigeria, leading to significant economic repercussions.

Olukoyede emphasized that in 2022 alone, Nigeria suffered losses exceeding $500 million due to the activities of internet fraudsters, commonly known as “yahoo boys.” He highlighted that these fraudulent activities have not only undermined the country’s economy but also caused several international companies to withdraw their operations from Nigeria after their accounts were compromised.

Speaking at the Global Peace Movement International awards ceremony, where he was honored as Man of the Year, Olukoyede underscored the global implications of Nigeria’s poor credit rating resulting from cybercrime, which restricts access to credit cards and limits transactions with certain international merchants.

He lamented the stigma faced by Nigerian travelers abroad, where suspicion and scrutiny are heightened due to the country’s association with cybercrime activities.

Olukoyede affirmed his commitment to tackling all forms of economic and financial crimes during his tenure at EFCC, stating that corruption permeates from grassroots levels such as local governments and school associations to higher echelons of society. He pledged resolute action against corrupt practices, vowing not to spare anyone, regardless of their position or influence.