The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has expressed alarm over the evolving activities of internet fraudsters, popularly referred to as Yahoo boys, describing them as a growing national embarrassment and a significant threat to Nigeria’s international standing.
Speaking during a press briefing at the EFCC headquarters in Abuja on Monday, Olukoyede warned that these cybercriminals are no longer confined to online scams but are now playing active roles in laundering stolen government funds on behalf of politically exposed individuals.
“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 chairman, ongoing investigations have revealed that many Yahoo boys are connected to influential political figures, acting as intermediaries in large-scale illicit financial dealings. He further disclosed that a number of these fraudsters are expanding into violent crimes such as 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.”
Olukoyede cited a recent case involving a 22-year-old suspect who, despite having no traceable employment history, processed over ₦5 billion in financial transactions within 18 months. EFCC investigators found that the young man was laundering funds for politically connected individuals using cryptocurrency 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 cautioned that without urgent intervention, the nation risks surrendering its future to a generation motivated by greed and criminality. “We now see secondary school students cruising in exotic cars. Is that the kind of future we want for Nigeria?”
Olukoyede also highlighted the agency’s achievements under his leadership, noting that the EFCC secured 4,111 convictions and recovered over ₦365.4 billion in stolen funds in 2024 alone.
He called on the Nigerian public to actively support the fight against corruption and help repair the country’s damaged image.
“The sacrifices and hard work of our operatives must be matched with the support of the public. We will not relent,” he concluded.
