Economic and Financial Crimes Commission and the fight against internet fraud in Nigeria

Abstract

Internet fraud, popularly known in Nigeria as "Yahoo-Yahoo," has grown from a peripheral
nuisance into a threat that shapes the country's economic performance, banking stability, and
international reputation. This article re-examines the role of the Economic and Financial
Crimes Commission (EFCC) in combating internet fraud in Nigeria, updating the evidentiary
base to 2025 to capture the effect of recent legal reforms, notably the Cybercrimes (Prohibition,
Prevention, etc.) (Amendment) Act 2024. Guided by Deterrence Theory and a time-series
research design, the study relies on documentary sources, EFCC annual disclosures, Nigeria
Inter-Bank Settlement System (NIBSS) fraud reports, Nigeria Data Protection Commission
(NDPC) briefings, and the United States Federal Bureau of Investigation's Internet Crime
Complaint Center (IC3) reports, analysed through qualitative content analysis. The findings
show that the EFCC's technological capacity, including the Integrated Intelligence and
Investigation System (I-24/7), forensic laboratories, and biometric surveillance tools, has
improved detection and prosecution, with convictions rising from 103 in 2015 to a record 4,111
in 2024 and recoveries exceeding ₦364.6 billion in the same year. However, the study finds
that the EFCC's regulatory framework continues to rely overwhelmingly on reactive, force-
based interventions, mass arrests and raids, rather than preventive, structural reforms, even as
internet fraud arrests remained the single largest category of EFCC enforcement action in 2024.
The persistence of resource constraints, jurisdictional overlaps with the Nigeria Police Force's
Cybercrime Unit and the Nigeria Data Protection Commission, and the socio-economic drivers
of youth involvement in cybercrime continue to blunt deterrence. The article concludes that a
hybrid strategy combining sustained technological investment, harmonised inter-agency
regulation, and socio-economic intervention for at-risk youth is required for durable results,
and offers policy recommendations accordingly.