Eric Patrick
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a stern warning against the rising menace of internet fraudsters, popularly known as “Yahoo Boys,” stating that their actions are bringing global disrepute to Nigeria and fueling a wave of insecurity across the country.
Speaking at a media briefing held at the EFCC headquarters in Abuja on Monday, Olukoyede described cybercrime as a deepening crisis that extends beyond online scams to crimes such as money laundering, kidnapping, and even ritual killings.
“We are facing a national emergency,” he said. “When Nigerians travel abroad, they are often treated with suspicion, all because of the criminal actions of a few young people involved in internet fraud. It’s a shame that affects us all.”
According to the EFCC boss, many of those recently arrested in the Commission’s nationwide crackdown were found laundering vast sums on behalf of politically exposed persons—including serving and former public officials.
“It’s no longer about petty email scams,” he stated. “We are talking about criminal syndicates managing billions in stolen funds. A 22-year-old we apprehended had laundered over ₦5 billion within just 18 months—without ever holding a legitimate job.”
Olukoyede added that many of these fraudsters now use cryptocurrency to transfer illicit wealth across borders, purchasing luxury cars and high-end real estate.
He also drew a troubling link between cybercrime and other violent crimes in the country:
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“When these boys can’t find victims to scam, they resort to kidnapping and banditry. They are being used to divert public funds and, in some horrifying cases, even engage in ritual killings. What kind of future are we building when school children drive luxury vehicles bought with stolen money?”
The EFCC chairman called on Nigerians to stop treating internet fraud as a harmless hustle, warning that it is deeply intertwined with corruption, insecurity, and national decline.
Reflecting on the Commission’s progress, Olukoyede revealed that in 2024 alone, the EFCC recovered over ₦365.4 billion and secured 4,111 convictions. These milestones were shared during a directors’ retreat in Uyo, Akwa Ibom State, themed “EFCC: The Journey So Far — Ensuring Professionalism and Integrity.”
He credited the agency’s achievements to the dedication of its personnel and reiterated his vision to build a Commission anchored in professionalism, discipline, and integrity.
“Our focus remains firm,” he declared. “We will continue to strengthen our operations and deepen public trust in our mission to rid Nigeria of corruption.”