The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has decried the damage internet fraudsters, popularly known as Yahoo-Yahoo boys, are doing to Nigeria’s global reputation, describing their activities as a source of “national shame.”
Speaking during a media briefing on Monday at the EFCC headquarters in Abuja, Olukoyede expressed concern over how the prevalence of cybercrime has led to global suspicion of Nigerian citizens, especially young people traveling abroad.
“We are facing a serious crisis,” he said. “If you travel with a Nigerian passport, immigration officials abroad often subject you to special scrutiny. That is a national embarrassment caused by some of our youths involved in cybercrime. It’s now difficult to convince the world that Nigerians believe in honest labour.”
The EFCC boss lamented the erosion of values in communities traditionally known for academic excellence. He cited the secondary school he once attended, where classes now reportedly end as early as noon due to a lack of interest in education.
Expanding on the criminal network surrounding cybercrime, Olukoyede warned that Yahoo-Yahoo has morphed into something far more dangerous. According to him, some of the fraudsters are now involved in kidnapping, banditry, and money laundering for politically exposed persons.
“When these boys can’t find victims to scam, they resort to violent crimes,” he said. “They’ve become tools for laundering stolen public funds. Politicians who embezzle billions hand over the money to these boys, who then use crypto wallets to transfer the funds overseas. They help buy luxury items like cars and houses abroad, hiding the trail.”
Olukoyede revealed that one 22-year-old suspect arrested by the Commission had a financial turnover of over N5 billion in just 18 months, despite never having held a legitimate job. Investigations showed that he was used by politicians to launder stolen public funds.
“These are not just petty scammers anymore. Some of them are involved in ritual killings and organized cybercrime rings. You see teenagers in hotels, plotting scams, and even secondary school students driving luxury vehicles. Is this the future we want for Nigeria?”
He called on Nigerians to stop romanticizing internet fraud and to begin viewing Yahoo-Yahoo as a sophisticated threat to national security and economic stability.
Olukoyede’s comments come on the heels of an earlier statement he made in May, during a retreat in Uyo, Akwa Ibom State. At the event, he disclosed that the EFCC had secured 4,111 convictions and recovered over N365.4 billion in 2024 alone.
The retreat, themed “EFCC: The Journey So Far, Ensuring Professionalism and Integrity,” also underscored the importance of maintaining ethical standards and professionalism in the Commission’s operations.
The EFCC chairman commended the agency’s workforce for their commitment and urged even greater dedication to the fight against corruption.
“Our goal is to build a team of honest, highly motivated, and effective officers. Integrity must remain the cornerstone of our mission,” he said.
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