Prof. Pius Olanrewaju, President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), has attributed the increasing involvement of Nigerian youths in financial crimes to impatience, declining moral values, and a growing culture of instant gratification fueled by social media and economic challenges.
Speaking in Lagos at the public presentation of ‘Clean Hands, Bright Future: A Youth Guide to Avoiding Financial Crime in Africa’, a book by financial crime specialist Adedayo Aluko, Olanrewaju warned that the desperation for quick wealth is driving many young Nigerians into fraudulent activities, with severe consequences for the country’s social and economic future.
He emphasized that integrity and ethical conduct are fundamental not only to the banking profession but also to sustainable personal and national development. Describing the book as timely, he noted that financial crime now extends beyond banking, reflecting a broader ethical crisis facing the nation.
Olanrewaju argued that many governance and institutional problems stem from a gradual erosion of values, stressing that corruption and unethical practices thrive where integrity is no longer prioritized. He urged young Nigerians to embrace legitimate enterprise, discipline, and long-term thinking instead of succumbing to social pressures and the allure of illicit wealth.
The author, Adedayo Aluko, said the publication was inspired by growing concern over the high rate at which young Nigerians are becoming entangled in illicit financial activities. Drawing from his experience in correspondent banking, cryptocurrency, and payment systems, he explained that the book aims to help young people understand the causes and consequences of financial crime while highlighting legitimate alternatives through skills acquisition and ethical conduct.
“Financial crime is not primarily being committed by older adults, but largely by young people, typically between the ages of 17 and 35. The rate at which this is happening is quite alarming,” Aluko stated. He also noted that public understanding of financial crime remains limited, as many Nigerians wrongly equate it solely with internet fraud, popularly known as yahoo yahoo.
