Spokesperson for the Economic and Financial Crimes Commission (EFCC), Dele Oyewale, says internet fraudsters popularly referred to as ‘Yahoo Boys’ in Nigeria are wreaking more havoc on the country’s economy than politicians.

Mr Oyewale made the claim while responding to questions from journalists on why the EFCC tends to arrest and prosecute more internet fraudsters than Nigerian politicians, most of whom are believed to be corrupt.

“The present reality in this country today is that the so-called internet fraudsters, so-called ‘yahoo boys’ are wreaking more havoc, terrible havoc on the economy than any other set of people,” Mr Oyewale said.

He further urged that the perception that internet fraudsters are less dangerous is untrue, noting that the anti-corruption fight is broad-based.

Internet fraud is a significant crisis in Nigeria, driven by high youth unemployment and societal pressure for wealth. The perpetrators use various sophisticated methods to defraud victims globally, resulting in substantial financial losses and damaging the nation’s reputation in the international community.

Nigeria ranks high globally as a haven for cybercrime activities. The EFCC reports thousands of convictions of internet fraudsters annually.

Meanwhile, Mr Dele further noted that, “whether internet fraud, procurement fraud, or money laundering, they are all tearing the soul of our country.”

He emphasised that the commission remains committed to eradicating financial crimes in the country.

“The commission is doing all it can to ensure that all perpetrators, whatever name they are called, do not thrive,” he noted.