How Banks Lost Over ₦8 Billion In 9 Months To ‘Yahoo Yahoo Boys’ – EFCC Chairman

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that Nigeria lost ₦8 Billion to internet fraudsters also known as Yahoo-Yahoo boys in 9 months.

Olukoyede who revealed this in an interview with newsmen, stated that internet fraudsters robbed banks of ₦8 Billion.

He narrated how cybercrime has hurt companies and its negative effects in attracting direct foreign investment for the country.

The EFCC Chairman further stated that no fewer than 71 percent of companies operating in Nigeria were victims of cybercrime in 2022 even as he argued that the Commission’s war against internet fraud is about safeguarding the country’s future.

“In 2022 alone, I’m waiting for the report of 2023, we discovered that more than 71 percent of Nigerian industries, companies and firms fell victim to cyber crime. Now, which country or company would thrive with this kind of thing?

“You want to attract foreign direct investment; the moment you come in, Yahoo boys will attack your platform. You start losing money and you think they would stay?

“Is that not what we are seeing? We are rescuing the future of Nigeria by going into this cyber crime investigation and prosecution,” Olukoyede said.

The EFCC boss continued, “Now, within that period, the Nigerian economy lost $706 million (via) these companies through cyber crime, to the activities of these Yahoo Yahoo boys because we don’t take them seriously now, not knowing that we are sitting on a keg of gunpowder.

“The alarming statistics continued with Nigerian banks losing over N8 billion to electronic transfer fraud in the first nine months of 2022.

“A system lost over N8 billion to a particular scheme of fraud and you are asking EFCC to close its eyes to that kind of situation. Are we even fair to ourselves?”

He also disclosed that the agency is prosecuting two operatives for violating its code of conduct.

Olukoyede added that the commission had made some reforms to enhance its fight against corruption, including creating the directorate of fraud risk assessment/control and ethics/integrity.

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