The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed deep concern over the escalating threat posed by internet fraudsters, popularly known as Yahoo boys, warning that their activities are damaging Nigeria’s international image and driving more dangerous crimes across the country.
Speaking at a press briefing on Monday at the EFCC headquarters in Abuja, Olukoyede said the image of Nigerians abroad is under severe strain due to cybercriminals. He recounted how immigration officers in other countries now treat holders of Nigerian passports with suspicion, which he described as a “national shame.”
“We are facing a crisis,” he warned. “It’s disheartening to see the youth abandoning education and honest labor for quick illicit gains.”
According to the EFCC boss, Yahoo boys have now evolved beyond online scams and are becoming deeply involved in organized crimes such as banditry, kidnapping, and high-level money laundering for politically exposed persons. He revealed that these criminals help corrupt officials transfer stolen billions abroad using crypto wallets and offshore transactions, often funding extravagant purchases like luxury cars and real estate.
In a striking example, Olukoyede disclosed the arrest of a 22-year-old suspect who allegedly had a turnover exceeding ₦5 billion in just 18 months, laundering funds for prominent individuals.
“These boys don’t just scam people anymore. Some are ritual killers, some launder stolen public funds. You’ll find school students driving exotic cars, living in hotels, and forming syndicates,” he lamented.
Despite these challenges, Olukoyede highlighted the EFCC’s achievements in 2024, noting that the agency recorded 4,111 convictions and recovered over ₦365.4 billion within the year. He commended his team for their dedication and urged them to uphold integrity and professionalism as they target even more impactful results in 2025.