A former senator representing Ekiti Central, Babafemi Ojudu, has warned that Nigeria is becoming dangerously dependent on what he described as a “crime economy” sustained by internet fraud and illicit wealth.
Naijaonpoint reports that Ojudu said the reported decline in business activities across Ado Ekiti following intensified operations by the Economic and Financial Crimes Commission (EFCC) exposed the extent to which proceeds of cybercrime had become embedded in the local economy.
He raised the concern in a commentary titled, “When Crime Becomes an Economy: The Disturbing Lessons from Ado Ekiti’s Near Empty Hotels.”
According to the former lawmaker, hotels, lounges, supermarkets and other businesses in the Ekiti State capital had recorded reduced patronage following the departure of suspected internet fraudsters, popularly called “Yahoo boys.”
Ojudu said he was initially doubtful about reports that commercial activities had declined sharply in Ado Ekiti until he personally visited some affected businesses.
“The stories were true,” he wrote.
He recalled visiting the restaurant of a prominent hotel overlooking its swimming pool, where he remained the only customer for almost an hour.
The former senator said he observed a similar situation at one of the city’s popular lounges, where the previously busy environment had become unusually quiet.
He noted that hotel operators, traders, landlords, mechanics, used-car dealers and entertainment business owners were among those feeling the effects of the disappearance of high-spending customers suspected of involvement in cybercrime.
Ojudu said many suspected internet fraudsters had reportedly left Ekiti for Akure, Osogbo, Ibadan and Lagos following increased EFCC activities in the state.
He attributed the crackdown to the leadership of the EFCC Chairman, Ola Olukoyede, an Ekiti indigene, whom he said had strengthened the commission’s operational presence in response to concerns about the state’s growing reputation as a hub for cybercrime.
According to him, operatives had conducted repeated raids, arrested suspects and recovered luxury vehicles, expensive mobile devices and other items believed to be proceeds of unlawful activities.
The former lawmaker also expressed concern over reports that parents and sympathisers protested against EFCC operations in Ikere Ekiti.
He said some of the protesters directed their grievances at the traditional ruler and the EFCC chairman, an indication that sections of the community might have become financially dependent on suspected fraudsters.
Ojudu argued that the response showed how deeply proceeds of crime had penetrated the economic and social structures of some communities.
Beyond the economic impact, Ojudu warned that Nigeria was facing a deeper moral crisis, particularly among young people.
He lamented that the traditional aspiration to become doctors, lawyers, engineers, teachers and other professionals was gradually being replaced by the pursuit of instant wealth.
According to him, some teenagers now regard internet fraud as a legitimate career and use luxury cars, expensive clothes and other material possessions to present criminal proceeds as evidence of success.
He also criticised families and communities that celebrate sudden wealth without questioning how it was acquired.
Ojudu said the growing obsession with material display was affecting universities and other social institutions, as some young people increasingly placed wealth above education, character and personal development.
The former senator warned that the effects of cybercrime would extend beyond financial losses and could damage Nigeria’s institutions for generations.
“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 said.
Ojudu cautioned that a society that rewards dishonesty risks producing future leaders whose values were shaped by criminal practices.
He maintained that empty hotels and struggling businesses could eventually recover, but rebuilding a generation’s understanding of integrity, hard work and legitimate success would be far more difficult.
“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.
