Former lawmaker representing Ekiti Central, Senator Babafemi Ojudu, has warned that Nigeria's economy is dangerously drifting into a crime-dependent model, following the economic lull witnessed in Ado Ekiti after intensified operations by the Economic and Financial Crimes Commission, EFCC.
Ojudu, in a commentary titled ‘When Crime Becomes an Economy: The Disturbing Lessons from Ado Ekiti’s Near Empty Hotels,’ said the recent crackdown on suspected internet fraudsters, popularly known as Yahoo boys, has exposed how proceeds of cybercrime have infiltrated Ekiti State’s local economy.
According to him, hotels, lounges, supermarkets, and other businesses in Ado Ekiti, the Ekiti State capital, have recorded low patronage since the EFCC strengthened its presence in the state.
He said many suspected fraudsters have fled to Akure, Osogbo, Ibadan and Lagos. Ojudu said he initially doubted reports of the economic slowdown until he visited some hospitality businesses in the state capital and found them deserted.
“The stories were true,” he said, narrating how he spent almost an hour as the only customer in a prominent hotel restaurant overlooking its swimming pool. He said a similar scenario played out at a popular lounge in the city.
He noted that hoteliers, lounge operators, landlords, traders, mechanics and used car dealers are now feeling the impact of the disappearance of big spenders linked to internet fraud.
The former senator linked the intensified anti-fraud operations to EFCC Chairman, Ola Olukoyede, an Ekiti indigene, who he said has boosted the Commission's operational capacity in the state amid concerns that some communities were becoming notorious hubs for cybercrime.
He said EFCC operatives have carried out regular raids, arresting suspects and recovering luxury vehicles, high-end phones and other suspected proceeds of fraud.
Ojudu also disclosed that the crackdown triggered protests in Ikere Ekiti, where some parents and sympathisers reportedly protested against the traditional ruler and the EFCC chairman, an indication, he said, of how dependent some communities have become on illicit wealth.
Beyond the economic implication, Ojudu warned of a moral crisis, lamenting that many young Nigerians now see internet fraud as a career path, abandoning traditional professions like medicine, law, engineering and teaching for quick wealth.
He criticised families and communities that celebrate unexplained wealth without questioning its source, warning that universities and other social institutions are also being affected as materialism overshadows academic excellence.
“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,” Ojudu warned.
He concluded that while empty hotels and struggling businesses may recover, restoring values of integrity, hard work and responsible success will be a more difficult task.
“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,” he added.
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