The Economic and Financial Crimes Commission (EFCC) has raised fresh concerns over the rising wave of cybercrime in the country, warning that activities of so-called “Yahoo Boys” are inflicting deeper harm on Nigeria’s economy than any other criminal network.
The agency’s spokesperson, Dele Oyewale, made the observation in a new awareness video released by the commission. He said the growing sophistication of internet fraudsters poses a serious threat to the nation’s economic stability, discourages investment, and damages Nigeria’s global reputation.
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According to Oyewale, cybercriminals now operate in highly coordinated groups, targeting local businesses, financial institutions, and unsuspecting individuals both at home and abroad. He noted that the ripple effect of their operations extends far beyond the digital space.
“Yahoo Boys are doing more damage to this country than many people realize,” he said. “Their activities are undermining investor confidence, crippling businesses, and painting Nigeria in a negative light before the international community.”
The EFCC spokesperson urged Nigerians to stay alert, report suspicious online activities, and support ongoing efforts to combat cybercrime. He reiterated the commission’s commitment to pursuing, arresting, and prosecuting offenders, stressing that the fight against internet fraud requires cooperation from all citizens.
The warning comes as the EFCC intensifies its nationwide crackdown on online scams, with dozens of arrests recorded in recent weeks.
