The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed concern over the escalating activities of internet fraudsters, commonly referred to as Yahoo boys, stating that their operations are tarnishing Nigeria’s reputation and contributing to more severe criminal activities nationwide.
During a media briefing at the EFCC headquarters in Abuja on Monday, Olukoyede highlighted the detrimental impact of these fraudsters on Nigeria’s international image.
“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,” he said. “That is a national shame that some young Nigerians (yahoo-yahoo boys) have caused for us.”
The EFCC boss recounted his personal experiences interacting with foreign agencies during money-tracing operations and said many situations were difficult to defend because of the damage caused by cybercriminals.
“We recently arrested groups of young men, and people no longer believe in hard work. I’m from a state where education is our pride. If you go to the secondary school that I attended, by 12 noon, the students have left school,” he added.
Olukoyede went further to reveal that Yahoo boys are now entangled in more sinister crimes, including banditry, kidnapping, and money laundering for politically exposed persons.
“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,” he stated. “Don’t just see them as yahoo-yahoo boys anymore; the traditional way of stealing money is not applicable anymore.”
He explained how fraud proceeds are hidden: “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.”
Citing a shocking example, Olukoyede said: “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.”
“These boys 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.
Olukoyede also recalled his agency’s progress since he assumed office, noting that in 2024 alone, the EFCC secured 4,111 convictions and recovered over ₦365.4 billion.
“In 2024, the commission secured 4,111 convictions and hauled monetary recovery of over N365.4 billion,” a statement by EFCC spokesperson Dele Oyewale read.
The EFCC chairman urged his team to remain committed, professional, and full of integrity, promising even greater results in 2025.