Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has condemned the damaging impact of internet fraudsters, popularly called yahoo-yahoo boys, on Nigeria’s global image.
Speaking during a media briefing at the EFCC headquarters in Abuja on Monday, Olukoyede lamented that the actions of these cybercriminals have cast a shadow on the reputation of Nigerians abroad.
“I want Nigerians to know that we are having a crisis on our hands. If you travel abroad with your green passport and stand in the queue among so many people, you will discover that by the time you present the passport, the people (immigration officers) will look at you with some reservation. That is, if they don’t take you aside to carry out some special scrutiny. That is a national shame that some young Nigerians (yahoo-yahoo boys) have caused for us,” he said.
The EFCC chairman narrated how his international engagements often leave him struggling to defend the country’s integrity due to the notoriety associated with cybercrime. He expressed concern that many young Nigerians no longer believe in honest work, citing a disturbing drop in school attendance even in education-driven states.
Olukoyede went further to allege that internet fraudsters now engage in more sinister crimes such as banditry, kidnapping, and money laundering for high-profile individuals.
ALSO READ
“The most dangerous aspect of it is not just about yahoo-yahoo, some of these guys are into banditry, kidnapping. When they don’t see people to scam on time, they resort to these vices. Some of them launder money for politically exposed persons. Don’t just see them as yahoo-yahoo boys anymore; the traditional way of stealing money is not applicable anymore,” he explained.
He accused some government officials of using these young men to conceal and transport stolen public funds through cryptocurrency wallets and foreign purchases.
“When they (politically-exposed persons) steal money in billions, they give it to these boys, they open crypto wallets, and from there, the money goes abroad. Most of these politically exposed persons identify these boys, lodge them in the hotel, the boys open accounts for them and take the money abroad to buy cars, houses and other luxury items,” he said.
Olukoyede shared a disturbing example of a 22-year-old with over ₦5 billion in turnover within 18 months, allegedly acting as a front for money laundering.
“Nigerians should look at them beyond just yahoo-yahoo. We arrested a 22-year-old; he had a turnover of over N5 billion within 18 months. We discovered that he laundered money for politically exposed people. A boy who has never worked in his life. They used them to steal government money now. They do ritual killings. They are also involved in cybercrime. You see them in hotels and in groups trying to scam people. You see secondary school students driving vehicles. Are those the people we want to hand Nigeria over to? Is that the nation we want to build?” he asked.
Earlier in May, Olukoyede had revealed that the EFCC recovered over ₦365.4 billion and secured 4,111 convictions in 2024 alone. He made this known during a retreat in Uyo, Akwa Ibom State, themed “EFCC: The Journey So Far, Ensuring Professionalism and Integrity.”
In a statement issued by the agency’s spokesperson, Dele Oyewale, the EFCC boss credited the achievement to the dedication and hard work of the commission’s staff. He urged them to maintain high standards and strive to surpass the 2024 record in the coming year.
Olukoyede concluded by stressing the importance of professionalism and integrity in the EFCC’s operations, affirming his vision of building a credible and highly effective team in the ongoing fight against corruption.
