The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that Nigeria suffered a staggering $500 million loss to cybercrimes in 2022. He described the impact as a “considerable” dent in both the nation’s financial and reputational standing.
Olukoyede made this known during the Next Generation Engagement Forum held in Abuja on Tuesday. While addressing participants, the EFCC chairman urged Nigerian youths to abandon cybercrimes and instead embrace value creation through the internet.
“I want to see a generation that will lead a new fight against corruption through value creation,” Olukoyede remarked. “If we have youths heating up the polity by their criminality, we should also have youths challenging them by their integrity. Let us eliminate cybercrimes through cyber values.”
Represented at the event by Aisha Muhammed, the Head of the EFCC’s Enlightenment and Re-orientation Unit, Olukoyede highlighted the moral and social costs of cybercrimes. He noted that the reputation of Nigerians worldwide has been significantly affected by internet fraud.
“Nigeria has lost considerable financial and reputational wealth to cybercrimes. In 2022 alone, Nigeria lost about $500 million to the crime,” he said.
Olukoyede lamented that internet fraud is eroding the values and dignity of Nigerian youths. “No world outlook that is focused on criminality can stand the test of time. Our youths are losing their sense of values and dignity to this menace,” he said.
The EFCC chairman called on young Nigerians to redirect their energy towards wealth creation by leveraging their skills, talents, and innovative ideas. “Youths should focus on developing novel innovations that can turn the world around. Follow the strides of successful peers globally and use the internet for productive endeavors,” he added.
Olukoyede encouraged students to adopt a “Can-Do-It Philosophy,” emphasizing the importance of self-belief in achieving success.
“Believe that you can make a difference in a positive sense,” he said. “Follow models that have impacted the world positively. Cultivate friendships with peers who have good vision. Use the internet to develop your good dreams. Don’t be attracted to easy wealth and always follow the instructions of the EFCC.”
He further disclosed that the EFCC is fostering value-driven initiatives for youths through Integrity Clubs in primary and secondary schools and Zero Tolerance Clubs in tertiary institutions. “These platforms are value-building opportunities for youth. I urge all of you to join any of these clubs,” Olukoyede noted.
Urging participants to take ownership of the ‘Next Generation Project,’ he called on them to embrace the initiative as a personal mission to promote integrity and accountability.
