The Economic and Financial Crimes Commission (EFCC) has attributed the increasing visa restrictions faced by Nigerians abroad to the rising wave of internet fraud perpetrated by “Yahoo boys.”
EFCC Chairman, Ola Olukoyede, said cybercrime not only destroys the future of those involved but also tarnishes Nigeria’s global reputation, forcing foreign governments to impose tougher travel conditions on innocent citizens.
Olukoyede, represented by Chief Superintendent of the EFCC, CSE Coker Oyegunle, spoke in Port Harcourt on Monday at an event organised by the Coalition of Nigerian Youth on Security and Safety Affairs. His remarks were contained in a statement released by the commission on Tuesday.
He explained that crimes such as internet fraud, money laundering, and economic sabotage drain billions of naira from Nigeria’s economy annually—stifling growth, depriving citizens of infrastructure, jobs, and opportunities. Beyond the economic losses, he stressed, the crimes undermine the country’s credibility on the global stage and expose Nigerians to harsher visa scrutiny.
Urging youths, particularly in the South-South, to redirect their talents into productive ventures, the EFCC boss advised them to embrace technology, entrepreneurship, agriculture, and the creative industry rather than crime.
“Fraud is not success; it is a trap. What comes easily often goes just as fast. Many who embrace cybercrime end up losing their freedom, reputation, and future. The law is catching up with them, and digital footprints never disappear. Don’t ruin tomorrow with shortcuts today,” he said.
Olukoyede reiterated the EFCC’s commitment to intensifying awareness campaigns, enforcement, and collaboration with communities in combating financial crimes.
Other security agencies present also warned Nigerian youths against emerging threats. Mathew Ewah of the National Drug Law Enforcement Agency (NDLEA) described drug abuse as a major menace confronting young people, while the Nigeria Security and Civil Defence Corps (NSCDC) cautioned against pipeline vandalism in the South-South.
The EFCC has recently stepped up its clampdown on cybercrime. In August, operatives of the Lagos Zonal Directorate 1 arrested 38 suspected fraudsters at Mambillah Hotel in Ikorodu after days of surveillance. Cars, mobile devices, and substances suspected to be narcotics were recovered.
Similarly, the Benin Zonal Directorate secured the conviction of 12 individuals, including two brothers, over offences related to advance fee fraud and possession of fraudulent documents. Justice M. Itsueli of the Edo State High Court sentenced them after they pleaded guilty and ordered the forfeiture of proceeds traced to the crimes.