The Economic and Financial Crimes Commission (EFCC) has linked the stricter visa restrictions imposed by several foreign countries on Nigerians to the rising cases of internet fraud, popularly known as ‘Yahoo Yahoo’, and money laundering.
EFCC Chairman, Ola Olukoyede, said the trend was damaging Nigeria’s global reputation and jeopardizing the future of citizens involved in such crimes. Speaking on Monday at a public event organized by the Coalition of Nigerian Youths on Security and Safety Affairs in Port Harcourt, Rivers State, Olukoyede, represented by Chief Superintendent of the EFCC, Coker Oyegunle, warned that the activities were depriving the country of jobs, infrastructure, and opportunities abroad.
“The EFCC boss highlighted that internet fraud, money laundering, and economic sabotage cost Nigeria billions of naira annually, undermining national growth and depriving citizens of infrastructure, jobs, and opportunities,” the statement noted.
Olukoyede further stressed that these crimes erode Nigeria’s international image and expose innocent Nigerians to harsher immigration measures. He urged youths, particularly in the southern region, to channel their creativity into digital innovation, agriculture, entrepreneurship, and the creative industry rather than fraudulent activities.
“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. The law is catching up with them, and digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today,” he warned.
Countries such as the United States, United Kingdom, Canada, and the United Arab Emirates have recently tightened immigration rules against Nigerians, citing concerns over security, economic sabotage, and public health. In July, the U.S. reviewed its visa reciprocity, slashing the validity of certain non-immigrant visas to three months and limiting them to single entry.
The EFCC chairman emphasized that Nigeria’s youth must rise above fraudulent practices to protect both their personal futures and the country’s global standing.
