Ola Olukoyede, EFCC chairman, has justified the agency’s intensified crackdown on internet fraudsters, rejecting criticisms of its approach. During a meeting with The PUNCH management in Abuja, he revealed that Nigeria lost over $500 million to cyber Fraud in a year. He cautioned that Cybercrime had evolved beyond online scams, with some fraudsters now engaged in arms trafficking, kidnapping, and Ritual killings. According to him, investigations have exposed alarming cases, including incidents where young women were allegedly used for rituals, underscoring the urgency of tackling the escalating threat.
Olukoyede also highlighted the EFCC’s achievements in combating financial crimes, revealing that the agency received over 11,000 petitions last year, investigated close to 9,000 cases, and prosecuted nearly 5,000 individuals despite limited manpower. He dismissed claims that the commission was unfairly targeting Yahoo boys, insisting that their expanding criminal activities posed a grave risk to national security. He warned that without decisive action, Nigeria could face a situation where cybercriminal networks would become deeply embedded in society. To strengthen internal accountability, he disclosed that 27 EFCC staff members were dismissed in the past year over Corruption allegations.
The media must play a stronger role in the anti-corruption fight.
Moreover, the EFCC chairman also called on the media to take a more active role in shaping public perception of the anti-corruption fight, urging journalists to prioritise investigative reporting that exposes Financial Crimes and highlights the commission’s efforts. He pointed to the role of journalists in uncovering financial scandals before the EFCC’s creation, advocating for a return to that era of collaboration between the press and law enforcement. His Chief of Staff, Michael Nzekwe, echoed this sentiment, acknowledging the media’s role in advocacy and public awareness, which he said had contributed to sustaining Nigeria’s anti-corruption movement.
Furthermore, the agency’s claim that Yahoo boys are now involved in violent crimes raises serious concerns about the intersection between financial fraud and organised crime. What began as online scams has reportedly expanded into ritual killings, arms trafficking, and kidnapping. While enforcement remains crucial, addressing root causes such as youth Unemployment and the lack of digital ethics Education is equally important. Without tackling these issues, the cycle of fraud and violence may persist, worsening Security challenges.
Regularly reforms can curb financial crimes.
Beyond enforcement, regulatory reforms are needed to close loopholes that enable financial crimes. Strengthening financial monitoring systems, improving cybercrime laws, and enhancing collaboration with international agencies could help curb illicit activities more effectively. Encouraging young Nigerians to apply their digital skills to legitimate tech ventures may also provide alternatives to cybercrime. Expanding digital training and start-up support could help shift focus from fraud to innovation. The government must create an environment where legal digital entrepreneurship can thrive.
Despite the EFCC’s efforts, public perception of its work remains divided. Critics argue that its anti-corruption campaign is sometimes selective and politically motivated, raising concerns about fairness. While the commission has recorded notable successes, maintaining transparency and accountability is crucial to sustaining credibility. Addressing the allegations of bias and ensuring due process could improve public confidence. The media’s role in holding law enforcement accountable while supporting genuine anti-corruption efforts will be key to fostering trust.
Related Article: Cybercrime in Nigeria: A growing threat
As Nigeria faces rising Insecurity and economic challenges, a multi-pronged approach to tackling cybercrime is essential. Law enforcement alone is not enough; educational institutions, the private sector, and policymakers must collaborate on sustainable solutions. Beyond arrests, preventive measures like skill-building programmes and ethical digital education can help address the root causes. A national strategy that balances enforcement with long-term interventions could curb cybercrime and prevent its spillover into violent crime, safeguarding Economic Stability and social order.