The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has strongly criticized the activities of internet fraudsters, commonly referred to as Yahoo-Yahoo boys, describing them as a major source of national embarrassment for Nigeria on the international stage.
Speaking during a media briefing on Monday at the EFCC headquarters in Abuja, Olukoyede warned that the country is facing a growing crisis due to the actions of these young fraudsters. He expressed concern over how their criminal activities have severely damaged the reputation of Nigerians abroad, especially during immigration checks.
“I want Nigerians to understand that we are dealing with a crisis,” he said. “When you travel overseas with a Nigerian passport and stand in line at immigration, you’ll notice the way you are looked at with suspicion. Sometimes, you’re pulled aside for extra scrutiny. That’s a national shame caused by the activities of Yahoo-Yahoo boys.”
According to Olukoyede, the consequences of cybercrime go beyond online scams. He revealed that some of these fraudsters are also involved in more dangerous criminal activities such as banditry, kidnapping, and laundering money for politically exposed persons, both in and out of government.
“The issue isn’t just Yahoo-Yahoo anymore. Some of these individuals are heavily involved in criminal networks. When they run out of people to scam, they turn to kidnapping or banditry. Some of them even help politicians move stolen public funds,” he said.
He gave the example of a 22-year-old suspect who had a financial turnover of over ₦5 billion in just 18 months—without any form of legitimate employment. According to Olukoyede, investigations revealed that the individual was laundering money for politicians using cryptocurrency and foreign transactions.
“When corrupt politicians steal billions, they pass the money through these young men. They set up crypto wallets and send the funds abroad to buy luxury cars, houses, and other assets. These fraudsters are used as middlemen to hide stolen government funds,” Olukoyede explained.
He lamented the impact this trend is having on young Nigerians, noting that it is discouraging honest hard work and promoting a false image of success. “In some areas, you see secondary school students driving expensive vehicles. Is that the future we want for Nigeria? Is that the type of country we are building?” he asked.
Olukoyede, who hails from a state where education was once considered a top priority, noted that even the value of education is being undermined. “In the secondary school I attended, by 12 noon now, students are already at home,” he said, highlighting a broader decline in societal values.
In addition to warning about the moral and security implications of cybercrime, the EFCC chairman also highlighted the achievements of the agency under his leadership. He revealed that in 2024 alone, the EFCC secured 4,111 convictions and recovered over ₦365.4 billion in stolen funds.
This disclosure was made earlier in May during a retreat for EFCC directors in Uyo, Akwa Ibom State. Themed “EFCC: The Journey So Far, Ensuring Professionalism and Integrity,” the retreat focused on strengthening the agency’s performance and ethical standards.
According to a statement by EFCC spokesperson Dele Oyewale, Olukoyede praised the dedication, discipline, and sacrifice of EFCC staff and encouraged them to exceed their achievements in 2025.
“In 2024, we recovered over ₦365.4 billion and secured 4,111 convictions. This was made possible by the commitment of our staff. But we must aim higher and remain steadfast in our fight against corruption,” he said.
He concluded by reaffirming the agency’s commitment to professionalism, transparency, and integrity, stressing that a motivated and honest workforce is key to transforming the fight against financial crimes in Nigeria.