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$500m: ‘Yohoo’ boys wreck Nigeria economy in 2022-EFCC BOss


$500m: ‘Yohoo’ boys wreck Nigeria economy in 2022-EFCC BOss

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…alleges they forced 71 international companies to quit Nigeria after hacking their accounts

Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, on Thursday decried the negative impact internet crimes popularly known as “yahoo yahoo’’ is having on Nigeria.

Olukoyede disclosed that several international companies were forced to shut down their operations and quit Nigeria following massive theft of their finances through local wire fraud.

The anti-graft Czar noted that in 2022, over $500m was lost due to the activities of Internet fraudsters.

The Agency’s Head of Media and Publicity, Dele Oyewale, said in a statement that the EFCC Chairman spoke at the Global Peace Movement International awards on Thursday, where he was named the “Man of the Year.”

According to Olukoyede, “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.”

The Commission’s boss stated that no shade of economic and financial crime would go unaddressed under his watch at the EFCC.

He added that people stealing money in high places started from local governments and school associations.

Olukoyede said, “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.”

He promised not to disappoint Nigerians and not to spare any corrupt person.

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