EFCC Recovered N156 Billion Fraud Proceeds In One Year – Ola Olukoyede

The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has announced that the agency recovered over N156 billion in the past year.

The EFCC spokesperson, Dele Oyewale said that Olukoyede made this announcement on Wednesday during the launch of the commission’s zero-tolerance club at the University of Abuja.

Olukoyede, represented by the commission’s secretary, Mohammed Hammajoda, also reported that the EFCC secured 3,175 convictions during this period.

He mentioned that the funds were recovered between May 29, 2023, and May 29, 2024. Additionally, the EFCC recovered $43.8 million, £25,365, €186,947.10, ₹51,360.00, C$3,750.00, A$740, ¥74,754, R35,000, 42,390 UAE Dirhams, 247 Riyals, and 21.58 billion in cryptocurrency.

Olukoyede expressed concern over the significant involvement of young people in internet fraud, commonly known as Yahoo Yahoo.

“In spite of this commendable performance, the commission is deeply worried about the increasing involvement of young people, including students, in cybercrime, popularly called Yahoo Yahoo. Hundreds of suspects are arrested monthly, with many of them ending up in jail,” he said.

He urged university students to avoid internet fraud, warning that a fraud conviction “is a burden that will leave a life-long scar on the fortunes of these youths.”

“There is no justification that will make Yahoo Yahoo acceptable. Contrary to the impression in some quarters, being a fraudster is not synonymous with creativity or being smart.

“As students, you are expected to channel your creative energies into useful engagements and not get entangled in cheating others of their resources.”

KanyiDaily recalls that EFCC Chairman, Ola Olukoyede recently narrated how a 17-year-old boy hacked his personal computer and bank account while under interrogation at his Lagos office.