The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has identified parenting failures and family neglect as primary causes for the rising involvement of young people in economic and financial crimes.
The anti-graft agency, in a recent statement on its X page, said Olukoyede spoke at the Armed Forces Command and Staff College in Kaduna during a lecture on “Family Neglect and Youth Involvement in Economic Offences.”
He highlighted the profound impact of family dysfunction on youth criminality.
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Speaking through Assistant Commander Bawa Usman Kaltungo, the Acting Director of the Kaduna Zonal Directorate, Olukoyede explained that neglect can stem from various factors, including poverty, ignorance, drug abuse, or a deliberate abdication of responsibility.
This neglect can leave young people vulnerable and increase their exposure to financial crimes.
Olukoyede noted that arrested students involved in internet fraud often cite a lack of financial support from their families as a reason for their actions.
He stressed that a multi-dimensional approach is needed to address the issue, suggesting that family support systems, youth mentorship, and sporting programs could provide positive outlets for young people’s energy.
The EFCC chairman commended the federal government for its intervention through the Nigeria Education Loan Fund (NELFUND), which he noted was seeded with N50 billion recovered from the proceeds of crime by the EFCC.
He stated that the Commission’s preventive mandate aligns with any policy that steers youths away from financial crimes.
Olukoyede also highlighted the EFCC’s preventive programs aimed at reorienting young people, such as the EFCC Integrity Club for primary and secondary students, the Zero Tolerance Club for tertiary institutions, and the EFCC/NYSC CDS Group for National Youth Service Corps members.
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These initiatives, along with the annual National Cybercrime Summit, are designed to shield youths from engaging in internet fraud and other economic offences.
