Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has warned that internet fraud (known locally as “Yahoo-Yahoo” ) and other financial crimes are not only wrecking the future of young Nigerians but also damaging the country’s global reputation, resulting in stricter visa restrictions for law-abiding citizens.
The EFCC boss issued the caution on Monday, September 15, 2025, at an event organised by the Coalition of Nigerian Youth on Security and Safety Affairs (CONYSSA) in Port Harcourt. The conference focused on: “Uniting South-South Youths in the Fight Against Cultism, Pipeline Vandalism, Internet Fraud, Money Laundering, Drug Abuse, Human Trafficking and Economic Sabotage.”
“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. Digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today,” Olukoyede warns.
Yahoo-Yahoo: Economic and reputational damage
Olukoyede says crimes such as internet fraud, money laundering, and economic sabotage cost Nigeria billions of naira annually, undermining national growth and depriving citizens of infrastructure, jobs, and opportunities.
Beyond the economic losses, he stresses that these crimes erode Nigeria’s global image and expose innocent citizens to tougher scrutiny when seeking opportunities abroad.
“Fraud is not success,” EFCC says
“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. Digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today,” Olukoyede warns.
He urges Nigerian youths to channel their talents into productive ventures such as digital innovation, entrepreneurship, agriculture, and the creative industries.
“Youths are the engine of our nation. If you choose fraud, you are choosing to destroy your tomorrow. But if you choose creativity, innovation, and honesty, you are building a Nigeria that will compete with the best in the world,” the EFCC Chairman adds.
Security agencies highlight social threats
Other security agencies at the forum also raised concerns over issues confronting Nigerian youths.
Drug abuse: Mathew Ewah of the National Drug Law Enforcement Agency (NDLEA) describes drug abuse as a major social threat, turning many young people into social misfits and destabilising families and communities.
Pipeline vandalism: Assistant Superintendent Kabiru Zakari of the Nigeria Security and Civil Defence Corps (NSCDC) warns that vandalism leads to oil spillage, serious health issues, destroyed farmland, and weakened agriculture in the South-South. He calls on youths to act as community surveillance officers who protect rather than destroy resources.
Olukoyede reaffirms the EFCC’s commitment to public sensitisation, enforcement, and collaboration with communities to combat fraud and related crimes.
He calls on young Nigerians to become active partners in shaping a nation built on integrity, prosperity, and global credibility.
Why the EFCC call matters
Analysts say the warning from the EFCC carries significant weight at a time when Nigeria is struggling to rebuild trust in its financial and digital ecosystems. Internet fraud, popularly known as yahoo-yahoo, is no longer just a social vice—it has become a macroeconomic and diplomatic problem that undercuts the country’s growth trajectory.
They explain that every instance of cyber fraud not only drains billions of naira from the economy but also discourages both foreign and local investors who are concerned about the safety of transactions within Nigeria. The long-term impact, according to analysts, is a weaker digital economy and slower adoption of fintech innovations that should otherwise drive inclusion and create jobs.
They explain that every instance of cyber fraud not only drains billions of naira from the economy but also discourages both foreign and local investors who are concerned about the safety of transactions within Nigeria. The long-term impact, according to analysts, is a weaker digital economy and slower adoption of fintech innovations that should otherwise drive inclusion and create jobs.
On the international stage, the EFCC’s warning highlights how cybercrime feeds into the perception gap that Nigerians face abroad. Visa restrictions, tightened scrutiny at foreign embassies, and discriminatory treatment of law-abiding Nigerians are direct consequences of the country’s association with internet fraud. Analysts say reversing this trend requires both enforcement and sustained behavioural change among the youth.
From a socio-economic lens, the EFCC’s call is also tied to youth empowerment. Nigeria’s young population, which should be an engine of digital creativity, risks being derailed by crime and substance abuse. By urging youths to channel their talents into technology, agriculture, and creative industries, analysts note that Olukoyede is signalling a pathway to sustainable growth—one that positions Nigeria as a global hub for innovation rather than notoriety.
Ultimately, analysts argue that the EFCC’s warning is less about policing and more about redefining national identity in the digital age. A decisive break from internet fraud and other economic crimes, they say, could enhance Nigeria’s global credibility, attract investments, and secure opportunities for the next generation.
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