Reported by: Oahimire Omone Precious | Edited by: Henry Owen
The Economic and Financial Crimes Commission (EFCC) has sounded a stark warning about the devastating economic impact of cybercrime in Nigeria, singling out internet fraudsters, popularly known as “Yahoo Boys,” as the leading contributors to economic disruption in the country.
Speaking on behalf of the commission, EFCC spokesperson Dele Oyewale said that the activities of these cybercriminals are more harmful to Nigeria’s economic stability than the actions of any other criminal groups. Oyewale explained that the operations of Yahoo Boys extend beyond simple fraud, noting that their schemes undermine financial systems, erode public trust in online transactions, distort legitimate business activities, and hinder foreign investment.
According to Oyewale, Yahoo Boys exploit weaknesses in financial institutions, e-payment systems, and online platforms to defraud both domestic and international victims. The commission has documented cases where individuals and networks have orchestrated sophisticated scams, resulting in significant losses to businesses, banks, and government agencies alike.
The EFCC also highlighted the broader societal impact of cybercrime, including the encouragement of a culture of impunity, the corruption of young people, and the diversion of economic resources from productive uses. Oyewale stressed that tackling cybercrime is therefore not only a law enforcement challenge but a national economic priority.
To address the menace, the EFCC has intensified targeted operations against suspected cybercriminals, using intelligence-driven investigations and collaboration with local and international law enforcement agencies. Oyewale urged members of the public to remain vigilant, report suspicious activities, and cooperate with authorities to curb the growing threat.
In closing, the EFCC called on government agencies, financial institutions, and technology platforms to implement stricter security measures, strengthen cyber-monitoring systems, and educate the public on safe online practices. Oyewale emphasized that only through a coordinated effort involving all stakeholders can Nigeria effectively minimize the economic and social harm caused by Yahoo Boys.
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