Nigerian banks lost over N8bn to internet fraud in 2022, says EFCC chair

 Ola Olukoyede, chair of the Economic and Financial Crimes Commission (EFCC), says banks in the country lost over N8 billion to internet fraud in 2022.


Olukoyede spoke in Abuja on Tuesday during an interactive session with media executives.


He said more than 71 percent of companies operating in Nigeria were victims of cybercrime in 2022, adding that the anti-graft agency’s fight against internet fraud is about saving the nation’s future.


Olukoyede disclosed that the commission has created a cybercrime research centre where convicted internet fraudsters, known in local parlance as Yahoo Yahoo boys, will be trained to channel their knowledge to positive aspects of the society.


The EFCC chair also said the agency is prosecuting two of its operatives for violating the agency’s code of conduct.


He said the commission has effected some reforms to enhance its fight against corruption, including the creation of directorate of fraud risk assessment/control and ethics/integrity.


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