By Alade Adisa
Even before the nation’s economy deteriorated to its current state, fraudulent activities were not new. People have always tended to cut corners, but the system is expected to deal with such individuals. That is why courts exist to deliver justice and correctional centres to keep criminals out of circulation.
However, the alarming rate at which students in higher institutions are now involved in get-rich-quick schemes has become a growing concern. When the Economic and Financial Crimes Commission (EFCC) was established, it was not anticipated that the agency would face such a surge in youth involvement in what is popularly called “Yahoo Business” — internet fraud involving scams that defraud people of their hard-earned money. Victims include both Nigerians and foreigners.
The EFCC was established on December 12, 2002, by an Act of the Nigerian National Assembly. However, the agency officially began operations on April 13, 2003, following the appointment and confirmation of its first Executive Chairman, Mallam Nuhu Ribadu.
Cases of students’ involvement in scams
Operatives of the EFCC’s Ilorin Zonal Command recently arrested 48 students of Kwara State University (KWASU) and two others for alleged internet fraud. They were apprehended at their various hideouts after days of surveillance and intelligence gathering. Recovered items included nine exotic cars, 24 laptops, and multiple mobile phones.
Similarly, EFCC agents carried out a midnight raid on the private hostels of Usmanu Danfodiyo University, Sokoto (UDUS), leading to the arrest of several students. The raid took place in the Kwakwalawa and Gidan Yaro communities, predominantly student areas in Sokoto. According to eyewitness accounts, EFCC operatives stormed the hostels around 4 a.m.
This incident mirrored a similar midnight operation at the Federal University of Technology, Akure (FUTA), in Ondo State. There, EFCC agents raided off-campus hostels in Orita Obele and Road Block areas at around 2 a.m., breaking into rooms and arresting students.
Another comparable raid occurred at Obafemi Awolowo University, Ile Ife, Osun State, where over 70 students were arrested and taken to Ibadan, Oyo State, for interrogation.
Training Schools for Fraudsters?
Investigations by New Daily Prime reveal that fraudulent practices among youths have extended even to secondary schools. There are both formal and informal methods through which young people are introduced to cybercrime.
Informally, individuals already involved in internet fraud — often those living lavishly in their communities — lure others into the practice.
“They bait newcomers with flashy items like phones, clothes, and hotel outings. I’ve seen a mother ask her son to go and learn the ‘trade’ from some boys in their neighbourhood. She knew the implications, but she wanted her son to ‘belong.’ Most of these boys don’t have real jobs either,” said Akerele Olamide.
Formally, some individuals — including foreigners — establish “training schools” that teach youths how to hack into bank accounts and commit other online crimes.
Recently, the EFCC issued a statement confirming the uncovering of such a fraudulent training centre. Dele Oyawale, EFCC’s Head of Media and Publicity, said: “Operatives of the Economic and Financial Crimes Commission, EFCC, on Monday, March 24, 2025, busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.
“They were arrested at the Compensation Layout in the Gwagwalada area of the Federal Capital Territory, FCT, following actionable intelligence on the Academy’s activities.
“The Academy, named Q University (a.k.a Q-Net), was involved in recruiting gullible young Nigerians and training them to recruit others, promising unrealistic profit returns.
“The suspects were enrolled in a program titled ‘Special Training for New Generation Billionaires’ and brainwashed into believing they would become billionaires. Admission required a form titled ‘Independent Representative Application Form,’ promoted with slogans like: ‘I’m a Champion,’ ‘I’m Unstoppable,’ and ‘I’m Infinity.’
“The EFCC carried out the operation in collaboration with the 176 Guards Battalion of the Nigerian Army. Items recovered included phones, computers, and other electronic devices. The suspects will be prosecuted once investigations are concluded.”
Consequences for the nation’s future
Commenting on the trend, social commentator Idowu Faleye wrote: “Today, a troubling shift has emerged among Nigerian youth, especially those in universities. This shift threatens the moral fabric of the nation and has dangerous implications for future leadership.
“Let me introduce you to Segun, a 19-year-old second-year student at a well-known university in Southwestern Nigeria. Segun came from a devout Christian home. His father is a Pentecostal pastor, and his mother a senior civil servant. After excelling in secondary school, he was admitted to university at 17.
“But campus life changed him. He joined a group involved in internet fraud. Soon, Segun was worth over ₦70 million. He bought a ₦14 million car and acquired 12 two-bedroom flats. Despite his wealth, he still collected money from his unsuspecting parents and continued attending church with them.
“Segun’s friend, Tolu, also took to internet fraud but wasn’t as successful. Driven by envy, he resorted to rituals — commonly referred to as ‘Yahoo Plus.’ Tragically, his girlfriend Bimbo, also from a Christian background, became a victim. Tolu used her for a ritual sacrifice. Her death came to light when neighbours noticed the stench of her decomposing body.”
Such stories, once rare and shocking, have become disturbingly common. Internet fraud and ritual killings have crept into Nigeria’s campuses, turning bright futures into cautionary tales.
While youths in other countries focus on innovation, skill development, and leadership preparation, many Nigerian youths are chasing wealth through criminal paths. What does this mean for the future of Nigeria?
A lecturer’s view
In response to an inquiry by New Daily Prime, Dr. Niyi Sunmonu, National President of the Congress of University Academics (CONUA), said: “This is a deeply troubling reality and reflects the moral decay in our society. We live in a culture where money is worshipped regardless of its source, where ‘the end justifies the means’ has replaced values like integrity and hard work.
“Our political leaders often set poor examples by mismanaging public resources with no accountability. This creates a perception that financial crimes are acceptable.
“Bad parenting also plays a role. Many parents today weren’t raised with solid moral values, and now raise children without instilling honesty or responsibility.
“Students engaging in cybercrime suffer lasting character damage. For the nation, it entrenches corruption and undermines our global credibility.
“We also have an education system that prioritises certificates over character, rising youth unemployment, and an economy that doesn’t reward honest labour.
“We must urgently rebuild our values, education system, family units, and accountability structures—or risk raising a generation without moral boundaries.”
Some Parents Are Responsible – NAPTAN President
The National President of the National Parent Teacher Association of Nigeria (NAPTAN), Alhaji Haruna Danjuma, also said, “Some parents have failed in their duty to raise upright children. You can’t give what you don’t have. A parent lacking in morals cannot teach honesty.
“Peer pressure also plays a role. Students sometimes deviate due to the influence of their peers, even if they were raised properly.
“Yes, the economy is tough, but that’s no justification for defrauding others. Would you praise someone who defrauded you just because they claimed to be hungry?
“We must guide our youth along a godly path if we want a better future for our society.”
