Yahoo Boys Discouraging Foreign Investors, Says EFCC Chairman
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the growing involvement of Nigerian youths in internet fraud, warning that the trend is severely damaging the country’s international reputation and deterring foreign investors.
Speaking through the Acting Zonal Director of the EFCC Benin Zonal Office, Assistant Commander of the EFCC I, Effa I. Okim, Olukoyede made the remarks during an anti-corruption sensitisation event held at Unity Hall, Government House, Asaba, Delta State.
He described the pervasive nature of cybercrime popularly known as Yahoo Yahoo as a national embarrassment and a major threat to Nigeria’s economic stability.
“The menace of internet fraud among our youth is pervasive, and it is a stain on us as a people and as a nation. They have embraced this crime to the detriment of their future and the image of the nation,” Olukoyede stated.
According to the EFCC chairman, the consequences of youth involvement in cybercrime extend beyond legal repercussions. He said the country is experiencing a loss of investor confidence, decline in foreign direct investment, and damage to its digital reputation.
Olukoyede noted that the rise of internet fraud is also stifling the creative potential of Nigerian youths and contributing to the collapse of local industries, as foreign businesses increasingly shy away from Nigeria due to widespread fraud-related risks.
He urged young Nigerians to steer away from cybercrime and focus on positive ventures that can contribute to personal growth and national development.
“Our youths are talented, intelligent, and capable of competing globally. We must not allow cybercrime to define our identity,” he said.
The EFCC reiterated its commitment to intensifying awareness campaigns across the country, particularly among youths, to discourage internet fraud and promote a culture of integrity and innovation.
The Asaba event forms part of a nationwide effort by the anti-graft agency to engage local communities and stakeholders in the fight against corruption and cybercrime.
