EFCC chairman says banks lost over N8bn in 9 months to 'Yahoo boys'

According to The Sun, the latest statements from EFCC Chairman Ola Olukoyede shed light on the extensive impact of cybercrime and financial malfeasance in Nigeria. Olukoyede disclosed that Nigerian banks lost over N8 billion to electronic transfer fraud within nine months of 2022, underscoring the severity of the issue. Additionally, he highlighted the prevalence of cybercrime in Nigeria, affecting 71% of companies and causing significant financial losses amounting to $706 million in just one year.

In a related development, Olukoyede accused former Kogi State Governor Yahaya Bello of embezzling $720,000 from Kogi State funds to pay his child's school fees, which he described as a flagrant misuse of public resources. Bello, who has been declared wanted by the EFCC, is now on a global watchlist.

The EFCC chairman emphasized the agency's commitment to combatting financial crimes, including illicit forex trading and internet fraud perpetrated by 'Yahoo Yahoo boys.' Olukoyede also mentioned the discovery of 419 training schools across Nigeria, where individuals are indoctrinated into cybercrime activities from a young age.

Regarding the ongoing investigation into the Ministry of Humanitarian Affairs, Olukoyede clarified that the probe targets systemic issues rather than individual figures like Dr. Betta Edu or Halima. He highlighted the magnitude of financial irregularities within the ministry, with billions of naira being swiftly moved out.