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Home Business News

EFCC warns: Nigerian youths in rat race for fraudulent wealth 

Nnaemeka Onyekachi by Nnaemeka Onyekachi
May 16, 2025
in Business News
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says
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The Economic and Financial Crimes Commission (EFCC) has alerted stakeholders that many youths in Nigeria are caught up in the rat race for unearned riches through fraudulent online activities.

This was disclosed in a statement on Friday titled, “EFCC Decries Youths’ Involvement in Cybercrime in Lagos.” 

The Acting Zonal Director of the Lagos Zonal Directorate 2 of the EFCC, Ahmed Ghali, stated this during a seminar organized by the Police Community Relations Committee (PCRC) with the theme, “The Role of the Boy Child in Community Development and Safety.” 

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He expressed concern over the involvement of youths in cybercrime in the country.

Youths’ Alleged Involvement in Crime 

  • According to Ghali, many youths have jeopardized their futures on the altar of excessive ambition.
  • He added that “many youths are not only amoral but have also become lost in the rat race for unearned riches through fraudulent online activities.”
  • Ghali stated that as beautiful as the dreams of the youths may be, they could be doomed from the start if they fail to embrace a culture of discipline and integrity.

“The reason is clear: many youths are increasingly drifting towards antisocial behaviours that can disrupt public peace, harm individuals, or degrade the environment. In addition to commonly known antisocial behaviours, internet fraud has become a prevalent pastime among many youths,” he added. 

  • He observed that many Nigerian youths now harbour an insatiable desire to make money and achieve financial advancement through the internet, but noted that the approach taken by the majority has been misguided.

“If you use the internet wisely, it can elevate you financially and enable you to contribute to your community’s development. However, if you choose to use the internet for criminal purposes, you won’t just harm your unsuspecting victims, but you’ll also jeopardize your own personal goals.” 

  • He advised youths to redirect their energy and ingenuity towards exploring legitimate online income streams, rather than dissipating them on activities that scam innocent individuals and organizations.

More Insights 

  • In his remarks, the Chairman of the PCRC, Bode Thomas Division/Organizing Secretary, Area C Command, Surulere, Lagos State, Prince Samuel Olaoluwa Akintoye, said the initiative was aimed at nurturing a generation of responsible, ethical, and patriotic young individuals who would not only improve their own lives but also contribute to Nigeria’s societal development.
  • He stressed that the purpose of the initiative is to present a valuable opportunity to engage stakeholders and provide guidance on navigating the complex paths to realizing their dreams.
  • He was of the view that the youths need to reflect on how they can contribute to the development of their respective communities.
  • According to the statement, the event was graced by Director, Centre for General Studies/ Department of Marine Sciences, University of Lagos, Prof. ( Mrs.) Aderonke Lawal-Are; President, National Association of Proprietors of Private Schools, Lagos,Chief Alaka Yusuf Lukman Owolabi among others.

What You Should Know 

This development comes months after the EFCC alerted Nigerians to intelligence indicating that internet fraudsters are now carrying guns and engaging in ritual killings, among other criminal activities.

The Commission added that the activities of internet fraudsters are becoming increasingly hazardous to public safety and security.

“Intelligence has shown that these criminals are carrying arms, involved in kidnapping, banditry, ritual killings, and other deadly acts. The public should not fold its arms or allow itself to be deceived into thinking they are merely ‘Yahoo boys and girls,” the EFCC had stated.  

The anti-graft agency had raised the alarm while expressing grief over the loss of one of its officers, Assistant Superintendent of the EFCC, ASE11 Aminu Sahabi Harisu, who was said to have been killed in cold blood while on legitimate duty on January 17, 2025, tracking a suspected internet fraudster, Joshua Chukwubueze Ikechukwu.

Tags: EFCCfraudulent wealthNigerian youths
Nnaemeka Onyekachi

Nnaemeka Onyekachi

My name is Nnaemeka Onyekachi, a writer, public speaker and an award winning journo with over 5,000 reports on a wide range of topics associated with the Nigerian society and the international community. Currently serving as a Senior Editorial Analyst at Nairametrics, my passion lies in delivering insightful financial,corporate, economic news and analysis on foreign relations, governance, judiciary and legislature.

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