Internet Fraud: Osinbajo Speaks On N75bn Youth Empowerment Fund

By James Orji

Professor Yemi Osinbajo, Nigeria’s Vice President has urged youths in the country to take advantage of the N75 billion youths empowerment fund established by the federal government rather than engage in internet fraud better known as Yahoo, yahoo.

Osinbajo gave the advice on the back of the surge in the number of youths arrested by the Economic and Financial crimes Commission, EFCC over internet related fraud.

Last month, two youngsters, Garuba Majeed Opeyemi and Olawoyin Pelumi Muhktar, were sent to jail by Justice Bayo Taiwo of the Oyo State High Court, Ibadan for committing internet fraud.

The duo was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission, EFCC on amended one-count charge of obtaining money by false pretence, contrary to Section 1 (1)(a) of the Advance Fee Fraud and (Other Fraud Related) Offences Act, 2006, and punishable under Section 1 (3) of the same Act, to which they pleaded guilty. The convicts pleaded guilty to the offence following which they were sentenced accordingly by the judge.

The Vice president said the administration “has established a N75 billion National Youth Investment Fund. This provides financial support for small businesses in any field,” Osinbajo said while delivering the first convocation lecture of Kola Daisi University, Ibadan, Oyo State on Thursday, warning that youths to desist from fraudulent practices that could land them in jail.

He said many Nigerian youths have turned their lives around by engaging in legitimate businesses, urging the graduands to embrace integrity and character.

The days of internet fraudsters “are always numbered. They will go to jail one day. What is the point of making money when you can’t sleep well at night?’ he said.

The vice president noted that, “the point is that of all the examples I have given, not one had wealthy parents. All of them did most, if not all, their education, here, in Nigeria.

“So, it is important for us to bear in mind that a Nigerian education is an important credential because you understand the terrain and you understand the law of the land. But you must find out about the support available either from the private or public sector. For example, the Federal Government has established a N75 billion National Youth Investment Fund. This provides financial support for small businesses in any field.

“The Central Bank of Nigeria has also established the creative sector funds, mainly for young people in technology and entertainment. There is also the new programme called Investing in Digital and Creative Enterprises, with over $600 million to support young technology and creative entrepreneurs and other entrepreneurs through the provision of finance, skill development and infrastructure.”

Osinbajo further stated that “earlier, this year, the Federal Government partnered with the United Nations Development Programme, UNDP and the private sector to start a programme called the Jubilee Fellow Internship Programme for the next five years.

“Every year, 20,000 students, after youth service, will be given internship opportunities in private sector companies and public agencies. The idea would be for the participants to gain relevant ideas and life skills that will enable them transition seamlessly into a professional business or public sector career while also earning a good pay during the internship.”