The Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has raised serious concerns over the growing involvement of young Nigerians in cybercrime, revealing that a significant proportion of university students are now engaged in internet fraud, popularly known as “Yahoo Yahoo.”
Speaking during a recent public engagement, Olukoyede disclosed that intelligence and enforcement data available to the Commission suggest that as many as six out of every ten students in Nigerian universities have, at some point, participated in online fraudulent activities. He described the trend as both alarming and dangerous for the country’s moral and economic future.
According to the EFCC boss, the rise in internet fraud among undergraduates is being driven by a combination of factors, including peer pressure, the glamorization of illicit wealth on social media, and a declining value system that increasingly prioritizes quick financial gains over integrity and hard work.
Olukoyede warned that the normalization of cybercrime among youths poses a long-term threat to Nigeria’s global reputation, noting that the country continues to suffer reputational damage in international financial and digital spaces due to the actions of fraudsters.
He emphasized that many young people involved in these activities often underestimate the legal and personal consequences, which include arrest, prosecution, imprisonment, and permanent damage to career prospects. The EFCC, he said, remains committed to intensifying surveillance, enforcement, and prosecution efforts across campuses and urban centers.
Beyond enforcement, the EFCC Chairman called for a broader societal response. He urged parents, educators, religious institutions, and community leaders to play more active roles in instilling ethical values and reshaping the mindset of young people. He also stressed the need for universities to integrate moral instruction and digital ethics into their systems.
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Olukoyede further encouraged students to channel their creativity and digital skills into legitimate ventures such as technology, entrepreneurship, and innovation, rather than engaging in criminal activities that could derail their futures.
The EFCC reiterated that while enforcement will continue, lasting change will depend on a collective national effort to redefine success, promote integrity, and provide viable economic opportunities for young Nigerians.
The statement has since sparked widespread discussion across the country, with many stakeholders calling for urgent reforms in education, youth engagement, and value orientation to curb the growing cybercrime culture.
