“Yahoo Boys” Steal $500m In 1yr- EFCC

A whopping $500 million was lost to cyber fraud in Nigeria last year, according to the Economic and Financial Crimes Commission, EFCC.

Nigeria’s anti-corruption czar, Ola Olukoyede made this known on Thursday in Abuja.

The EFCC chairman made this known while speaking at the Global Peace Movement International awards on Thursday where he received  Man of the Year award.

The commission’s spokesman Dele Oyewale, made this known in a statement yesterday, saying the amount was lost due to the activities of internet fruad stars.

The magazine has stepped up its onslaught against internet fraudsters, predominantly youths in the country since Olukoyede was appointed as the agency’s boss by President Bola Ahmed Tinubu.

The magazine also reported that the commission warned on Tuesday that some people are not happy with its operation, and were planning to protest at the agency’s offices across the country.

The EFCC has however warned those involved to desist from the plan.

Speaking on what the country lost to internet fraud, Olukoyede said the problem was one of the reasons why some foreign companies left the country, noting that some unscrupulous internet fraudsters hacked their accounts.

He said the development has affected Nigeria’s status in the international community.

He said also stated that the problem of corruption pervades all strata of Nigeria’s society.

Olukoyede said, “In 2022, we lost over $500 million in our economy to yahoo boys. The statistics are there. In the same year, about 71 international companies left Nigeria because they hacked their accounts.

“We can’t get credit cards in Nigeria because of our poor credit rating because of the activities of these cyber criminals. So, the best we can get is debit cards.

“Do you know that there are some international merchants that you cannot use Nigerian cards on their platforms? Display your green passport outside the country and see if they will not take you aside and search you thoroughly.”.

“We will do the mini; we will do the mega. If you don’t do the mini, the mini will become the mega. Some of these people stealing money in high places started from the local governments, they started as leaders of associations in schools, where they stole money and they did nothing to them and it became part of their lives.”