Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission, has shockingly revealed how banks nationwide lost over N8 billion in 2022 due to internet fraud, also referred to as Yahoo-Yahoo.
The revelation was made by the EFCC chairman yesterday in an engaging meeting with media executives in Abuja, according to a Sun news report. The EFCC boss explained how cybercrime has harmed businesses and hindered the nation's ability to draw in direct foreign investment.
The revelation was made by the EFCC chairman yesterday in an engaging meeting with media executives in Abuja, according to a Sun news report.
The EFCC boss explained how cybercrime has harmed businesses and hindered the nation's ability to draw in direct foreign investment.
He said:
"In 2022 alone, I'm waiting for the report of 2023; we discovered that more than 71% of Nigerian industries, companies and firms fell victim to cybercrime. Now, which country or company would thrive with this kind of thing? "The alarming statistics continued with Nigerian banks losing over N8 billion to electronic transfer fraud in the first nine months of 2022.
A system lost over N8 billion to a particular scheme of fraud and you are asking EFCC to close its eyes to that kind of situation. Are we even fair to ourselves?"
Olukoyede also informed reporters that within the past week, more than 300 illegal foreign exchange accounts have been frozen because, if their actions go unchecked, they could cause another decline in the value of the nation's currency.
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