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Internet fraud “Yahoo Yahoo”, affecting the Nigerian economy– EFCC boss laments

The commission also lamented that cybercrime had “given Nigeria a bad name globally.”

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said internet fraud such as “Yahoo Yahoo” is affecting Nigeria’s Economy and given the country a bad name globally.

The EFCC boss lamented that the activities of the criminals have impacted the country’s economy causing the closure of businesses, losses of jobs and economic instability

He said the fight against cybercrimes will succeed with the collaboration of everybody, including the youth because it requires a lot of intelligence gathering.

The commission also lamented that cybercrime had “given Nigeria a bad name globally.”

Lawyers giving evidence in the Magu investigation " detained by EFCC’

The EFCC boss represented by the Head, Cybercrime Department of the commission, Mallam Sambo, said these in his paper titled, ‘Youth and impact of cyber and other financial crimes to the national economy, at the 2021 Sir Ahmadu Bello Foundation scholars mentorship forum, which ended in Abuja on Thursday.

He said, “Intelligence gathering is giving out useful information to the commission in curbing cybercrime across the country. Intelligence gathering is very important in the fight against cybercrime.

“The activities of the criminals have impacted in the country’s economy causing closure of businesses, losses of jobs and economic instability.”

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