EFCC Chair Laments Youths’ Rising Involvement in Internet Fraud, Says It’s Blocking Foreign Investors from Nigeria

 

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has voiced strong concerns over the increasing involvement of Nigerian youths in internet fraud, stressing that the trend is doing more harm than many realize. According to him, the widespread nature of cybercrime is painting a negative picture of the country internationally, significantly discouraging foreign investment and damaging the fabric of Nigeria’s economy and moral values.

At a public engagement event held at Unity Hall, Government House, Asaba in Delta State, the EFCC leadership, through the acting zonal director of its Benin Zonal Directorate, Assistant Commander of the EFCC I (ACE I), Effa I. Okim, relayed Mr. Olukoyede’s message to a gathering of stakeholders, students and government officials.

Olukoyede described the wave of online fraud as a “menace” that has deeply infiltrated the younger generation. According to him, the practice not only tarnishes the nation's image but is also robbing young people of their true potential, creativity and dignity.

“The menace of internet fraud among our youth is pervasive and it is a stain on us as a people and as a nation,” he remarked. “They have embraced this crime to the detriment of their future and the image of the nation.”

Attendees listened as the EFCC representative enumerated the far-reaching consequences of cybercrime beyond the obvious legal ramifications. Mr. Olukoyede highlighted key areas where Nigeria is already suffering due to this disturbing trend. The effects, he said, include the erosion of trust from the international community, declining foreign direct investment, weakened confidence in Nigeria’s economy, stagnation in industrial growth, and a severe blow to the country's global competitiveness.

According to the EFCC boss, cybercrime does not exist in a vacuum. It operates in a ripple effect, negatively impacting those not even involved in the crime. Foreign investors, he noted, become wary of doing business in an environment associated with fraud and dishonesty. Businesses that might otherwise set up operations in Nigeria often look elsewhere, driven away by reputational concerns and uncertainty in legal protections.

Youth development and innovation are also at risk. “When a young mind begins to depend on fraudulent activities for income, that mind loses the motivation to think, create or build. It destroys initiative and kills industries,” he said.

Mr. Olukoyede emphasized that Nigeria’s young people are naturally talented and equipped with intelligence and creativity that can rival their counterparts globally. Instead of falling prey to internet fraud, he urged them to channel their energy into productive ventures that uplift both their lives and the nation.

“Our youths are vibrant, forward-looking, resilient, creative, intelligent individuals who can hold their own in any part of the world,” he said, expressing regret that many were allowing criminality to define their future. “Internet fraud may offer temporary financial gain, but it comes with long-term damage that affects you, your family and your country.”

He reiterated the EFCC’s commitment to not only combatting financial crimes but also engaging in preventive strategies, particularly targeting the youth population. Through education, sensitization and collaboration with schools and civil society, he said the EFCC will continue to drive campaigns aimed at curbing the rise of internet fraud.

Mr. Effa I. Okim, delivering the speech on behalf of the Chairman, also added that the EFCC’s vision is not solely punitive. While the agency remains resolute in prosecuting offenders, it is also dedicated to steering young Nigerians away from the destructive path of cybercrime.

Government officials present at the event commended the EFCC for its proactive outreach and echoed the sentiments expressed. Several attendees called for more frequent engagements of this nature across the country, particularly in educational institutions, to nip the problem in the bud.

As the session wrapped up, the message was clear: Nigeria cannot afford to continue losing its youth to the lure of internet fraud. The nation stands at a critical point where values, reputation and economic prosperity depend on the choices made by its younger generation.