The Economic and Financial Crimes Commission (EFCC) has said that the growing wave of internet fraud, popularly called yahoo-yahoo, is a major factor behind stricter visa regulations imposed on Nigerians by some foreign countries.
EFCC Chairman, Ola Olukoyede, cautioned that cybercrime not only undermines Nigeria’s economy but also tarnishes the country’s international image, making travel more difficult for law-abiding citizens.
“Beyond the economic damage, these crimes erode Nigeria’s image and subject innocent Nigerians to harsher visa restrictions abroad,” the EFCC stated.
Olukoyede, represented by Chief Superintendent CSE Coker Oyegunle, made the remarks at a youth security summit in Port Harcourt, Rivers State. He warned that cybercrime, money laundering and economic sabotage cost Nigeria billions of naira annually, hinder job creation, and stifle growth.
He urged young Nigerians to redirect their energy into productive ventures such as entrepreneurship, agriculture, innovation and the creative sector.
“Fraud is not success; it is a trap. Easy come, easy go. Many who follow the path of yahoo-yahoo end up losing their freedom, reputation and future. The law is catching up with them, and digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today,” he said.
Olukoyede stressed that the EFCC will intensify its awareness campaigns, enforcement operations and community partnerships to combat the menace.
Also speaking at the event, the National Drug Law Enforcement Agency (NDLEA) raised concerns about the dangers of drug abuse among youths, while the Nigeria Security and Civil Defence Corps (NSCDC) cautioned against pipeline vandalism in the South-South region.
The EFCC has recently increased its crackdown on suspected internet fraudsters. In August, its Lagos command arrested 38 suspects in Ikorodu after surveillance operations, recovering vehicles, phones and suspected narcotics. In July, the United States slashed the validity of some non-immigrant visas for Nigerians to three months and single entry, affecting categories such as B1/B2 (business/tourism), F and J (students and exchange visitors).
