Abuja, Nigeria – Ola Olukoyede, the head of the Economic and Financial Crimes Commission (EFCC), didn’t mince words on Monday, declaring that internet fraudsters, commonly known as “yahoo-yahoo boys,” are a source of profound national embarrassment for Nigeria.
During a press briefing at the agency’s headquarters, Olukoyede highlighted how these illicit activities damage Nigeria’s image globally, leading to Nigerians facing suspicion from immigration officials worldwide. “We are having a crisis on our hands,” he stated, explaining the tangible impact on innocent travelers.
But the EFCC boss revealed a far more sinister reality. These fraudsters aren’t just scamming online; they’re also deeply entrenched in violent crimes. Olukoyede linked them to banditry and kidnapping, saying they resort to these vices when their online schemes hit a snag.
Even more shocking, he exposed their role as financial conduits for politically exposed persons (PEPs), helping to launder stolen billions through crypto wallets and luxury acquisitions abroad. “Don’t just see them as yahoo-yahoo boys anymore,” he urged, “the traditional way of stealing money is not applicable anymore.”
Olukoyede shared a startling example of a 22-year-old with a staggering N5 billion turnover in just 18 months, primarily from laundering money for high-profile individuals. He questioned the kind of nation being built when youth abandon hard work for quick, illicit gains, leading to concerns about ritual killings and rampant cybercrime.
Despite these challenges, the EFCC has been making strides. Olukoyede shared impressive figures from 2024, revealing that the commission secured 4,111 convictions and recovered over N365.4 billion. He commended his team’s efforts and pledged to intensify the fight against corruption, aiming for even greater results in 2025.
