The Economic and Financial Crimes Commission (EFCC) has warned that internet fraudsters popularly known as “Yahoo Boys” are inflicting greater damage on Nigeria’s economy than corrupt politicians.

EFCC spokesperson, Dele Oyewale, stated this while addressing journalists on why the agency appears to arrest more cybercriminals than politically exposed persons.

According to him, the reality in Nigeria today shows that internet fraud has become one of the most destructive threats to the nation’s financial stability.

“The so-called internet fraudsters, the so-called Yahoo Boys, are causing more havoc to the economy than any other group,” Oyewale said.

He explained that contrary to public belief, cybercriminals are not minor offenders, noting that their activities have far-reaching consequences both locally and internationally. Their schemes lead to huge financial losses, damage Nigeria’s global reputation, and weaken investor confidence.

Nigeria continues to rank among the countries most affected by cybercrime, with the EFCC securing thousands of convictions annually. High youth unemployment and pressure for quick wealth have contributed to the rise in online fraud across the country.

Oyewale added that the EFCC’s anti-corruption mandate covers all forms of financial offences, including procurement fraud and money laundering, describing them as crimes “tearing at the soul of the nation.”

He assured that the commission is committed to intensifying its efforts against all perpetrators.
“The commission is doing all it can to ensure that all offenders, whatever name they are called, do not thrive,” he said.

(NAN)