The the Economic and Financial Crimes Commission, has disclosed that Nigeria lost over $500m in one year due to internet fraud and online scams.
The Chairman of the anti-graft agency, Ola Olukoyede, made the disclosure on Thursday when he hosted the management of The PUNCH at the EFCC’s corporate headquarters in Abuja.
This is even as he asserted that the activities of internet fraudsters, popularly known as Yahoo Yahoo boys, have expanded and gone outside the scope of cyber fraud and online scams.
He said that yahoo boys are now involved in more dangerous crimes, such as kidnapping, ritual killings, and arms trafficking.
He defended and justified the commission’s ongoing crackdown on yahoo boys despite criticisms from some quarters who he claims are oblivious to the gravity of the crime.
“We are doing the work. Last year alone, we had over 11,000 petitions, investigated close to 9,000, and prosecuted nearly 5,000 cases despite our limited manpower. Some people criticise us for going after Yahoo Yahoo boys, but they don’t understand the severity of the crime.
“It is no longer just about scamming people. They are now into kidnapping, banditry, and ritual killings. Some of our investigations have uncovered horrifying details, including cases where young female victims were used for rituals. If we don’t act decisively, in the next 10 years, we may not have a generation we can confidently hand over this country to,” Olukoyede stated.
The EFCC has been heavily criticised in recent times over his fixation on cyber fraud — which many feel is nothing compared to the endemic corruption in public and private sectors — while paying little or no attention to public offices occupiers, especially governors, who have been indicted in grand larceny, corrupt act, sharp practices and malfeasance.
