The Rise of Internet Fraud in Nigeria: What's Pushing Nigerian Youth into "Yahoo"?

By Odakpo Oghale Lizzy

"Yahoo" is the Nigerian street slang for internet fraud or "419." It is the act of scamming people of money through the internet. This trend has negatively affected the mindset of many young people towards education. Today, many Nigerian youths would rather engage in internet fraud than go to school because they have convinced themselves that education is a scam and a waste of time and money.

 Financial Hardship

Financial hardship means being unable to meet basic needs because of a lack of money. With the high rate of unemployment, many youths are roaming the streets without jobs. This is not mainly because of a lack of education but because of limited employment opportunities. Nowadays, graduates engage in various forms of manual labour, while many young men ride tricycles (keke) or motorcycles just to make ends meet. When a young man with a B.Sc. degree in Engineering cannot find a decent and well-paying job for three years, the temptation to engage in fraud begins to set in.

Technology

Technology is one of the major tools that make internet fraud possible. The internet provides access to victims across the world. A person in Warri or Lagos with a laptop or mobile phone can:

- Create romance scams targeting victims in the United States, Russia, or the United Kingdom.

- Trade in cryptocurrency or other digital currencies for fraudulent purposes.

- Blackmail victims with nude pictures or other sensitive materials.

Another form of internet fraud that relies on technology is CEO fraud. Fraudsters pretend to be company executives such as CEOs or CFOs. They make businesses appear legitimate and deceive innocent people into sending money. If caught, they can be arrested by the Economic and Financial Crimes Commission (EFCC).

Yahoo Plus

As many Nigerians know, Yahoo Plus is internet fraud combined with ritual practices. Some people also refer to it as money ritual. Since ordinary internet fraud does not always succeed, some youths resort to ritual practices in pursuit of quick wealth. These practices often involve bloodshed. Some use their loved ones, while others use innocent people for rituals. Apart from rituals, some also use charms to manipulate victims online.

 Bad Government

Poor governance has also contributed to the rise of internet fraud. The embezzlement of public funds has become common. Some politicians divert funds meant to improve the lives of citizens for personal use. Money meant for building factories, roads, schools, higher institutions, and paying workers' salaries is often mismanaged or spent on unnecessary projects.

Financial Insecurity

Financial insecurity is the fear or reality of not having enough money to meet basic needs now or in the future. Examples include:

- Difficulty paying school fees.

- Difficulty paying rent.

- Irregular income.

- Unemployment.

- High transportation costs.

- Joblessness.

When these challenges become severe, many youths begin to see Yahoo as a quick way to make money. Some even borrow money from individuals, cooperative societies, or banks without knowing how they will repay the loans.

Peer Pressure

Peer pressure occurs when a person is influenced by friends to engage in internet fraud, even against their wishes.

This often happens when a student who dropped out of school is seen driving expensive cars, using the latest phones, and wearing costly clothes and accessories, while another student who remained in school struggles to find employment after graduation. The lack of companies and job opportunities creates frustration and may push some youths towards internet fraud.

Solutions to Internet Fraud

The government should establish more industries and companies so that graduates can secure employment after leaving the university. This will help reduce unemployment.

Companies should also be properly maintained. Nobody wants to work in an environment where machines are faulty and essential work tools are unavailable. The government should ensure that industries are well equipped and maintained.

Workers' salaries should also be reviewed and increased so they can meet their financial responsibilities and adequately care for themselves and their families.

Law enforcement agencies such as the Economic and Financial Crimes Commission (EFCC) should continue to collaborate with banks and telecommunications companies to monitor suspicious transactions and freeze the accounts of fraudsters. They should also organise awareness campaigns in schools and on social media to educate people about internet fraud and teach them how to identify fake websites and other online scams.