The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has described internet fraudsters, commonly known as yahoo boys, as a national disgrace, warning that their actions are severely damaging Nigeria’s global reputation and contributing to deeper security challenges
Speaking at a press briefing on Monday at the EFCC headquarters in Abuja, Olukoyede expressed concern over the growing threat of cybercrime in the country, particularly among the youth.
“I want Nigerians to know we are facing a crisis,” he said. “When you travel with a Nigerian passport, immigration officers treat you with suspicion. That’s if they don’t pull you aside for extra checks. This is the national shame caused by yahoo-yahoo boys.”
Olukoyede explained that cybercrime has gone far beyond email scams, saying many internet fraudsters have now transitioned into more dangerous crimes, including money laundering, kidnapping, and ritual killings.
“Some of these boys are now involved in banditry and kidnapping when scamming fails,” he said. “They even launder money for politically exposed persons. This isn’t just yahoo-yahoo anymore—this is organized financial crime.”
He added that corrupt politicians often rely on these fraudsters to conceal stolen public funds, using digital currencies and foreign investments as laundering tools.
“When they [politicians] steal billions, they channel it through these boys. They open crypto wallets, transfer the money abroad, and use it to acquire cars, real estate, and luxury goods,” he explained.
Olukoyede cited a case involving a 22-year-old with no legitimate job but with a ₦5 billion turnover in just 18 months—allegedly helping powerful individuals launder money.
“You now see secondary school students driving exotic cars. Are these the leaders of tomorrow? Is this the kind of Nigeria we want to build?” he asked.
He urged Nigerians to recognize the broader impact of cybercrime on national security, economic stability, and the country’s future.
Meanwhile, Olukoyede also highlighted the EFCC’s progress under his leadership, revealing that the agency recovered over ₦365.4 billion and secured 4,111 convictions in 2024 alone.
Speaking during a recent retreat for EFCC directors in Uyo, Akwa Ibom State, he credited these achievements to the professionalism and dedication of the commission’s staff and pledged to exceed those figures in 2025.
“The EFCC will remain a disciplined, highly motivated, and effective force against corruption,” he said.
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, Ola Olukoyede, has described internet fraudsters, commonly known as yahoo boys, as a national disgrace, warning that their actions are severely damaging Nigeria’s global reputation and contributing to deeper security challenges.){kind=link}
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