Senator Ojudu Raises Alarm Over Rise of ‘Yahoo Economy’ in Nigeria

Former Ekiti Central Senator, Babafemi Ojudu, has raised concerns over the growing influence of internet fraud on Nigeria’s social and economic landscape, warning that the recent decline in business activities across Ado Ekiti following intensified operations by the Economic and Financial Crimes Commission (EFCC) has exposed the dangers of an economy built around illicit wealth.

In a commentary titled “When Crime Becomes an Economy: The Disturbing Lessons from Ado Ekiti’s Near Empty Hotels,” Ojudu said the near-empty hotels, deserted lounges, quiet supermarkets and struggling businesses reported across Ekiti State, particularly in the state capital, were linked to the flight of suspected internet fraudsters popularly known as “Yahoo boys” following the establishment of a stronger EFCC presence in the state.

According to the former lawmaker, the development has revealed the extent to which proceeds of cybercrime had become woven into the fabric of the local economy.

Ojudu said he was initially sceptical about reports of declining commercial activities in Ado Ekiti until he personally visited some of the affected businesses.

“The stories were true,” he wrote, recounting how he visited the restaurant of a prominent hotel overlooking its swimming pool, where he spent almost an hour as the only customer.

He added that a visit to one of the city’s popular lounges also revealed a similar situation, with empty spaces replacing the bustling atmosphere that once characterised such entertainment centres.

The former senator noted that hotel operators, lounge owners, traders, landlords, mechanics and used car dealers had all begun feeling the impact of the sudden disappearance of big spenders suspected to be involved in internet fraud.

He said many suspected cybercriminals had reportedly relocated from Ekiti to cities such as Akure, Osogbo, Ibadan and Lagos following intensified EFCC operations.

Ojudu linked the crackdown to the leadership of EFCC Chairman Ola Olukoyede, an Ekiti indigene, who he said had strengthened the commission’s operational presence in the state in response to concerns over the growing reputation of some communities as hubs for internet fraud.

He said EFCC operatives had embarked on regular raids, arresting suspects and recovering luxury vehicles, expensive mobile devices and other alleged proceeds of crime.

The former Ekiti Central lawmaker also highlighted the reaction of some residents to the anti-fraud campaign, citing reports of protests in Ikere Ekiti by parents and sympathisers who directed their grievances at both the traditional ruler and the EFCC chairman.

He said the development showed the extent to which some communities had become economically dependent on the activities of suspected fraudsters.

Beyond the economic consequences, Ojudu expressed concern over what he described as a deeper moral crisis facing Nigerian society, particularly among young people.

He lamented that the traditional pursuit of professions such as medicine, law, engineering, teaching and other fields was gradually being replaced by an obsession with quick wealth.

According to him, some young Nigerians now see internet fraud as a desirable career path, with teenagers allegedly becoming involved at very young ages and acquiring luxury lifestyles that project criminal proceeds as symbols of success.

He criticised what he described as society’s growing tolerance for unexplained wealth, arguing that some families and communities now celebrate sudden riches without questioning their sources.

Ojudu warned that universities and social institutions were also being affected, as some young people increasingly prioritise material displays over academic achievement and personal development.

He argued that the danger was not only the financial harm caused by cybercrime but the long-term damage to Nigeria’s values and institutions.

“These boys and girls will not remain boys and girls forever. They will become our business leaders, our bankers, our civil servants, our judges, our lawmakers, our commissioners, our governors, and perhaps even our presidents,” he warned.

The former senator cautioned that a society that rewards criminality risks producing future leaders shaped by dishonest practices.

He concluded that while empty hotels and struggling businesses could recover with time, rebuilding a generation’s understanding of integrity, hard work and responsible success would be a far greater challenge.

“Civilisations do not collapse only because their economies fail. They collapse when they lose the ability to distinguish honour from disgrace, industry from theft, and success from plunder,” Ojudu stated.