The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed on Thursday that internet fraud has significantly harmed Nigeria’s economy. Speaking at the Global Peace Movement International awards, where he was honored as the Man of the Year, Olukoyede disclosed that in 2022 alone, Nigeria lost over $500 million due to the activities of internet fraudsters.
Olukoyede emphasized that the rampant internet fraud has led to the shutdown of operations for 71 international companies in Nigeria, which had their accounts hacked by cybercriminals. He pointed out the broader implications of this issue, noting that Nigeria’s poor credit rating, influenced by such fraudulent activities, limits citizens to debit cards and restricts the use of Nigerian cards on international platforms. He also highlighted the stigmatization Nigerians face abroad, where they are often subjected to thorough searches due to the country’s reputation for fraud.
Under Olukoyede’s leadership, the EFCC is committed to addressing all forms of economic and financial crimes. He stressed that corrupt practices often start at lower levels, such as local governments and school associations, and if left unchecked, grow into more significant issues. Olukoyede assured Nigerians of his dedication to tackling corruption at all levels, promising not to spare any individuals involved in such activities.