The Economic and Financial Crimes Commission (EFCC) has blamed the rise of internet fraud, commonly known as ‘yahoo-yahoo’ as being responsible for tougher visa restrictions for all Nigerians seeking to travel abroad.
EFCC Chairman, Ola Olukoyede, warned that this type of financial crime not only damages the future of those involved but also harms Nigeria’s international reputation.
His statement was delivered by Chief Superintendent of the EFCC, CSE Coker Oyegunle, during an event in Port Harcourt, Rivers State.
In a press statement released on Tuesday, the EFCC emphasized that internet fraud, money laundering, and other financial crimes cost the country billions of naira each year. This financial drain undermines national development, preventing the government from providing essential infrastructure, jobs, and opportunities for its citizens.
According to the EFCC, the crimes also erode Nigeria’s image on the global stage, subjecting law-abiding citizens to stricter visa requirements and international scrutiny. These concerns follow a July announcement by the United States that revised its visa reciprocity schedule for Nigeria, reducing the validity of some non-immigrant visas to three months with single-entry limitations.
Olukoyede urged young Nigerians to steer clear of cybercrime and instead channel their skills into productive sectors like digital innovation, entrepreneurship, agriculture, and the creative industry.
He stressed that fraud is a trap with severe consequences. “Fraud is not success; it is a trap. Easy come, easy go. Many who follow the path of ‘yahoo-yahoo’ always end up losing their freedom, reputation, and future,” he stated.
He added a warning about digital footprints, noting that they are permanent and will eventually lead to capture.
The EFCC chairman reaffirmed the commission’s commitment to fighting cybercrime through increased public awareness campaigns, more robust enforcement efforts, and stronger collaboration with local communities.