EFCC Laments Increasing Involvement Of Nigerian Students In Cybercrime, ‘Secures 3,175 Convictions, Recovers N156Billion In One Year’

EFCC Laments Increasing Involvement Of Nigerian Students In Cybercrime, ‘Secures 3,175 Convictions, Recovers N156Billion In One Year’

The Economic and Financial Crimes Commission (EFCC) says it secured 3,175 convictions in an attempt to combat economic and financial crimes in Nigeria during the past year.

This was stated by the agency in a statement issued on Wednesday, adding that a total of N156 billion looted public funds were also recovered back to the national treasury during the period. 

According to the statement, the revelation was made by the EFCC Chairman, Mr. Ola Olukoyede, on Wednesday, May 29, 2024, at the launch of the Zero Tolerance Club at the University of Abuja, Gwagwalada, Abuja.

The statement reads: “The Executive Chairman of the Economic and Financial Crimes Commission EFCC, Mr. Ola Olukoyede, has disclosed that the Commission secured 3175 convictions and recovered N156,276,691,242.30 (One Hundred and Fifty-six Billion, Two Hundred and Seventy-Six Million, Six Hundred and Ninety-One Thousand, Two Hundred and Forty-Two Naira, Thirty Kobo) between May 29, 2023 and May 29, 2024 when President Bola Ahmed Tinubu assumed office.

“Olukoyede, who spoke through the Secretary to the Commission, Mohammed Hammajoda said the EFCC also recovered $43,835,214.24, £25,365.00, €186,947.10, ₹51,360.00, C$3,750.00, A$740.00, ¥74,754.00, R35,000.00, 42,390.00 UAE Dirhams, 247.00 Riyals and 21,580,867631 Crypto Currency.

“Speaking further, the Chairman stated that, though the EFCC put up impressive performance within the year, involvement of youths in internet fraud continued to pose serious concerns to every stakeholder in the anti-graft war.

“In spite of this commendable performance, the Commission is deeply worried about the increasing involvement of young people, including students, in cybercrime, popularly called yahoo-yahoo.  Hundreds of suspects are arrested monthly, with many of them ending up in jail,” he said.

He called on students of the University to stay away from internet fraud, stressing that conviction for fraud “is a burden that will leave a life-long scar on the fortunes of these youths”. 

According to him, there is no justification for cybercrime anywhere.

“There is no justification that will make yahoo yahoo acceptable. Contrary to the impression in some quarters, being a fraudster is not synonymous with creativity or being smart. As students, you are expected to channel your creative energies into useful engagements and not get entangled in cheating others of their resources,” he said.