Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has identified poor parenting and family neglect as key drivers of financial crimes among Nigerian youths. Speaking at the Armed Forces Command and Staff College in Kaduna on September 19, 2025, through Assistant Commander Bawa Usman Kaltungo, Olukoyede highlighted how neglect, often fueled by poverty, ignorance, substance abuse, or shirking parental duties, leaves youths vulnerable to economic and financial crimes due to a lack of emotional, psychological, and material support.
He emphasized the need for a multi-faceted approach to address this issue, advocating for stronger family support systems, mentorship, and youth-focused initiatives like sports to steer young people toward productive paths. Olukoyede noted that many tertiary institution students arrested for cybercrime cite financial hardship and lack of family support as reasons for their actions.
He praised the Federal Government’s Nigeria Education Loan Fund (NELFund), funded with N50 billion from recovered crime proceeds by the EFCC, as a vital step to ease students’ financial burdens and deter criminal behavior. Olukoyede also highlighted EFCC’s preventive efforts, including the EFCC Integrity Club for schools, the Zero Tolerance Club for universities, the EFCC/NYSC CDS Group, and the National Cybercrime Summit, all aimed at protecting youths from financial crimes.
