Nigeria's EFCC reveals banks lost N8 billion to internet fraud in 2022, impacting foreign investments.
The Economic and Financial Crimes Commission (EFCC) in Nigeria has revealed that banks lost over N8 billion (US$18.3 million) to internet fraud, also known as 'Yahoo Yahoo Boys', in 2022. EFCC Chairman, Ola Olukoyede, made the disclosure during an interactive session with media executives in Abuja. He stated that cyber crime has hurt Nigerian companies and had negative effects on attracting foreign direct investments into the country. The EFCC's war against internet fraud is aimed at safeguarding the country's future.
April 23, 2024
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