Ola Akinwunmi
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the growing menace of internet fraudsters, popularly known as yahoo-yahoo boys, warning that their actions are bringing deep national embarrassment to Nigeria on the global stage.
Speaking during a press briefing on Monday at the agency’s headquarters in Abuja, Olukoyede described the crisis as urgent and deeply damaging, noting that Nigerian citizens are increasingly subjected to suspicion and intense scrutiny at international borders due to the notoriety of online scams associated with the country.
“I want Nigerians to know that we are having a crisis on our hands,” Olukoyede said. “If you travel abroad with your green passport and stand in the queue, the moment you present it, there’s a certain look immigration officers give you—sometimes, you’re pulled aside for special checks. That is a national shame.”
The EFCC chairman explained that the damage caused by internet fraudsters extends far beyond emails and romance scams. He revealed that the agency’s investigations have shown links between cybercriminals and more sinister crimes, including kidnapping, banditry, and large-scale money laundering operations.
“These young men don’t just scam people anymore. When they can’t find victims fast enough, they venture into kidnapping and other crimes. Some of them are tools in the hands of politically exposed persons, used to launder billions through crypto wallets, buying luxury properties abroad,” he added.
Olukoyede cited a recent case involving a 22-year-old who, despite never having held formal employment, had a turnover of over N5 billion within just 18 months. According to him, the suspect served as a conduit for stolen public funds, working directly with corrupt politicians to disguise illicit money.
“Let’s stop seeing them as mere yahoo boys. They’re now a major part of an underground economy that finances crime and corruption at high levels. It’s a national security threat,” he said.
He also lamented the cultural erosion and loss of values caused by the fraud culture, referencing students skipping school and teenagers driving luxury cars—signs, he said, of a society in moral decline.
“Are these the people we want to hand Nigeria over to? Is this the future we’re building?” he asked.
The EFCC boss called on citizens to reject glorification of fraud and support the agency’s renewed push for professionalism and integrity in the fight against corruption.
Earlier in May, Olukoyede revealed that the EFCC had recovered over N365.4 billion and secured 4,111 convictions in 2024 alone. At a directors’ retreat in Uyo, he attributed these results to the dedication of the commission’s staff and promised to build on the momentum
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“The EFCC is not just chasing criminals. We are trying to shape a future where integrity means something again,” he concluded.
