EFCC warns on internet fraud, linking rising cybercrime to stricter visa restrictions for innocent Nigerians and damage to the nation’s global image.

EFCC warns on internet fraud as the Economic and Financial Crimes Commission raises alarm over the rising tide of cybercrime, which it says is directly affecting Nigeria’s international reputation and increasing visa restrictions for innocent citizens.

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At an event organised by the Coalition of Nigerian Youth on Security and Safety Affairs in Port Harcourt, Rivers State, EFCC Chairman Ola Olukoyede, represented by Chief Superintendent CSE Coker Oyegunle, called attention to the growing consequences of digital fraud, commonly referred to as “yahoo-yahoo”.

According to a statement issued by the commission on Tuesday, Olukoyede stressed that internet fraud, money laundering, and economic sabotage are costing Nigeria billions of naira annually.

Beyond the financial toll, he said the crimes are “eroding Nigeria’s international image and subjecting law-abiding Nigerians to visa denials and restrictions.”

The EFCC warns on internet fraud not only as a crime but as a societal plague. “Fraud is not success; it is a trap,” he said. “Easy come, easy go. Many who follow the path of yahoo-yahoo always end up losing their freedom, reputation, and future.”

He urged young people across the country to focus on productive ventures such as digital innovation, agriculture, entrepreneurship, and the creative industries.

He reaffirmed the agency’s commitment to increasing awareness campaigns and strengthening enforcement through community partnerships.

The EFCC has significantly intensified its crackdown on cybercrime in recent months.

In August, 38 suspects were arrested in Ikorodu, Lagos, after a sting operation, while earlier in Benin, 12 individuals were convicted for fraud-related offences.

As the United States revised its visa reciprocity schedule for Nigerians in July, reducing visa validity and entry rights, EFCC’s concerns appear well-founded.

Affected visa categories include B1/B2 for business and tourism and F and J visas for students and exchange visitors.

Representatives from the National Drug Law Enforcement Agency and the Nigeria Security and Civil Defence Corps, who also spoke at the Port Harcourt event, echoed the EFCC’s sentiments.

They warned that drug abuse and pipeline vandalism remain grave security concerns in the South-South and beyond.

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The EFCC’s message is clear: Internet fraud may promise quick wealth, but it comes at a steep price — to the individual and to the nation at large.