The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has raised fresh concerns over the activities of internet fraudsters, popularly known as Yahoo boys, warning that they have become a significant national embarrassment and a threat to Nigeria’s global reputation.
Speaking during a press briefing at the EFCC headquarters in Abuja on Monday, Olukoyede described the actions of these cybercriminals as damaging, stating that they not only scam individuals online but are now being used to launder stolen government funds for politically exposed persons.
“We’re facing a real crisis,” Olukoyede said. “When you travel abroad with a Nigerian passport, immigration officers now treat you with suspicion. This is the shame these young men have brought upon us as a nation.”
According to the EFCC boss, investigations have shown that many of these fraudsters have links to high-profile political figures who use them as conduits for illicit financial transactions.
He noted that a significant number of Yahoo boys are also branching into other criminal activities, including kidnapping and ritual killings.
“It’s not just about internet fraud anymore,” he stressed. “Some of these boys are involved in banditry and kidnapping when they cannot scam victims. Worse still, they are laundering money for those who have stolen billions from the public purse.”
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Olukoyede recounted a recent case where a 22-year-old suspect, who had no legitimate employment history, was found to have processed financial transactions amounting to over N5 billion in just 18 months. Investigators discovered that the young man had facilitated money laundering for top government-linked individuals using crypto wallets.
“These boys are now the middlemen for high-level looting. Politicians give them money, lodge them in hotels, and they open cryptocurrency accounts to funnel the money abroad for the purchase of luxury properties and vehicles,” he said.
He warned that if the situation is not urgently addressed, the country risks handing over its future to a generation driven by greed and criminal enterprise. “We now see secondary school students cruising in exotic cars. Is that the kind of future we want for Nigeria?”
The EFCC chairman also reiterated the agency’s achievements since he assumed office, stating that the commission secured 4,111 convictions in 2024 alone and recovered over N365.4 billion in stolen funds.
He urged Nigerians to support the fight against corruption and help restore the country’s image, noting that the agency remains committed to professionalism and integrity.
“The sacrifices and hard work of our operatives must be matched with the support of the public. We will not relent,” he concluded.
