The Economic and Financial Crimes Commission (EFCC) has attributed the stricter visa restrictions by some foreign countries on Nigerians to the rising cases of internet fraud, otherwise known as ‘Yahoo Yahoo’ and money laundering.
The commission’s Chairman, Ola Olukoyede, said that the development was tarnishing the image of Nigeria abroad and destroying the future of those involved.
According to a statement shared on the commission’s handle on X, Mr Olukoyede spoke on Monday at a public event organised by the Coalition of Nigerian Youths on Security and Safety Affairs held in Port Harcourt, Rivers State.
Represented by the Chief Superintendent of the EFCC, Coker Oyegunle, Mr Olukoyede noted that the unwholesome practice was undermining national growth and depriving citizens of infrastructure, jobs, and opportunities especially overseas.
He stated, “The EFCC boss highlighted that internet fraud, money laundering, and economic sabotage cost Nigeria billions of naira annually, undermining national growth and depriving citizens of infrastructure, jobs, and opportunities.’’
Beyond the economic damage, Mr Olukoyede pointed out that the crimes erode Nigeria’s international image and subject innocent Nigerians to stricter visa restrictions.
He called on the youth, especially those in the southern part of the country, to channel their energy into productive ventures such as digital innovation, entrepreneurship, agriculture, and the creative industry rather than fraud.
He added, “Fraud is not success; it is a trap. Easy come, easy go. Many who follow the path of ‘yahoo-yahoo’ always end up losing their freedom, reputation, and future. The law is catching up with them, and digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today.’’
Recently, some countries, including the United States of America (USA), United Kingdom (UK), Canada, and the United Arab Emirates (UAE), among others, have introduced tough visa restrictions against Nigerians.
The development was part of the countries’ tougher policies on immigration.
Some of the countries have restricted foreign travel for Nigerians, citing the concern around national security, economic concerns, and public health issues.
In July, the U.S. announced a review of its visa reciprocity, reducing the validity of certain non-immigrant visas to three months and restricting them to single entry.
