The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has decried the negative impact of internet crimes popularly known as “yahoo yahoo’’ on the country.

Olukoyede disclosed that several international companies had to shut down their Nigerian operations following massive theft of their finances through local wire fraud.

He noted that in 2022, over $500m was lost as a result of the activities of Internet fraudsters.

A statement by the commission’s Head of Media and Publicity, Dele Oyewale, said the EFCC chairman spoke at the Global Peace Movement International awards on Thursday, where he was named the Man of the Year.

He 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.”

He stated that no shade of economic and financial crime would go unaddressed under his leadership of the EFCC.

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

He 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.”

Olukoyede promised not to disappoint Nigerians and not to spare the corrupt.

The Lagos State Governor, Babajide Sanwo-Olu, announced the clearing of all pension backlogs in the state on Thursday.

In a statement on X.com on Thursday, Sanwo-Olu stated that with a payment of ₦4.46 billion to 2,000 retirees, the state has fulfilled its commitment to eliminate outstanding pension arrears.

The statement read, “Today, we effectively cleared all pension backlog in Lagos State with the payment of ₦4,461,659,536.82 to 2,000 retirees.

“In February, we paid ₦3.1 billion to 1,013 retirees with a promise to settle all arrears and current pension liabilities, and that promise has been fulfilled today.”

He further stated that since assuming office, his administration has paid a total of over ₦68 billion into the Retirement Savings Accounts of retirees across various government departments.

He added that the “Pay As You Go” pension model utilised by the state will ensure that future retirees receive their full benefits and gratuity immediately upon retirement.

Sanwo-Olu added, “Since the inception of this administration, we have paid a sum of ₦68,164,627,407.21 into the Retirement Savings Accounts of retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other Parastatals of the State Government. We are very happy with this achievement.

“Employees of the Lagos State Government who retire from the civil service will now get their full pension benefits and gratuity immediately after retirement as Lagos State continues to lead in pension benefits administration with a Pay As You Go template.”

In his statement, Sanwo-Olu stated that to further enhance their well-being, the state launched a new Health Insurance Scheme specifically designed for retirees.

“We also launched a Health Insurance Scheme tailored specifically for our retirees. This scheme will provide access to a wide range of medical services, from routine check-ups to specialised treatments,” he added.

In February that Sanwo-Olu paid N3.149 billion to 1,013 retirees in its 103rd retirement bond certificate presentation.

The governor had also promised that another N4 billion outstanding will be paid in March while the government will try to clear all backlogs by April.

Gov. Ademola Adeleke of Osun, on Thursday, inaugurated the 5.3-kilometer Okpanam/Ibusa Bypass in Delta.

In a speech at the event, Adeleke lauded Gov. Sheriff Oborevwori for his developmental strides, describing him as a performing governor.

He said that Oborevwori had turned Delta “into a construction site”, by linking communities through his road projects.

According to the Osun governor, his coming to Delta “is a promise made to a dear and performing friend”, whose antecedents, he said, he had monitored over a year.

He said that he chooses his friends and that Oborevwori met the standard as he had impacted the lives of hia people through various projects, policies and programmes.

He also said that given the testimonies of the people and the royal fathers among other speakers, the Okpanam/Ibusa bypass would promote the state economy and save the cost of transportation between the two neighbouring communities.

“In Osun, I will be two years in office in November but if you come to the state, I have turned it to a construction site and we are building flyovers that they have never experienced before.

“Here in Delta, Oborevwori is doing the same thing and I thank him for working for his people, who freely gave him their mandate to govern them.

“I am here because God has put him in office for the people of Delta to enjoy the dividend of democracy and that is why I am here to celebrate with him and inaugurate the road.”

Adeleke, however, urged Oborevwori to do more for the state, while urging the people to continue to support his administration to deliver the dividend of democracy to them.

On his part, Oborevwori said that Adeleke’s visit was a proof of the bond and love they shared as friends.

He said that the ceremony was not about the length of the road but its importance to the state, particularly the people of Oshimili North Local Government Area (LGA).

He described the road as key to all the people of the state, adding that it was a major link between Okpanam and Ibusa Communities in the LGA.

He further said that the road would save the huge cost borne by those commuting from either of the communities, who would first travel to Asaba before negotiating their way to either Okpanam or Ibusa.

“I want to appreciate my predecessor, former Gov. Ifeanyi Okowa for initiating the project and I completed it because I pledged not to abandon any project started by the previous administration.

“This road is key as it connects Okpanam to Ibusa and it will reduce traffic conjestion at the interchange at the Ibusa Junction on the Asaba-Benin Expressway.

“Delta, particularly Asaba, is developing very fast and I want to advise that investors take advantage to invest in the state,” Oborevwori said.

He gave assurance that the request made by the traditional rulers from Ibusa and Okpanam, urging him to complete the construction of the link road from Okpanam to Akwukwu-Igbo, Headquarters of Oshimili North LGA, would be looked into.

He, however, implored the people of the state to ensure peace and remain law-abiding during the upcoming LG polls in the state.

He promised that the election would be free, fair and credible, while urging all the political party candidates to go about their campaigns orderly and peacefully.

Earlier, the Commissioner for Works: Highways and Urban Roads, Mr Ruben Izeze, said the road had 10.6km of drains, among other features.

Izeze thanked the state governor “for approving the release of funds” and commended the contractors and staff members of the ministry for their dedication that saw the work through.

On their part, the Traditional Rulers of the two communities, including
the Obuzor of Ibusa, Louis Nwaoboshi, and the Ugoani of Okpanam, Obi Michael Mbanefo, thanked the governor for completing what they described as “the historical link way between the two-sister communities”.

They, however, appealed to the governor to complement the project by awarding the construction of the Okpanam/Akwukwu-Igbo Road project for ease of movement to the LGA headquarters.

The News Agency of Nigeria (NAN) reports that the two communities of Ibusa and Okpanam rolled out drums to underscore their joy over the completion and inauguration of the road.