The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has sounded a strong warning about the expanding threat posed by internet scammers, commonly referred to as “Yahoo boys.”
He noted that their illegal activities are not only staining the reputation of Nigerians abroad but are now interwoven with more violent and organized crimes, including kidnapping, armed banditry, and large-scale money laundering.
Addressing journalists during a media briefing at the EFCC headquarters in Abuja on Monday, Olukoyede described the situation as an escalating national emergency. He lamented the growing international suspicion Nigerians face, particularly those carrying the green passport.
“When you stand in a queue at an international airport, watch how you’re treated once your Nigerian passport is seen,” he explained. “There’s often a pause, a look of doubt, and in many cases, a separate screening. That hesitation reflects the global damage being caused by the fraudulent acts of some of our youth.”
He recalled interactions with international security partners during financial investigations, saying that the credibility of Nigeria is increasingly difficult to defend. According to him, the volume of illicit funds traced back to Nigeria and handled by individuals with no clear means of livelihood raises immediate red flags.
Highlighting the evolution of cybercrime, the EFCC boss pointed out that internet fraud is no longer an isolated digital crime—it has morphed into something much more dangerous. “These individuals don’t just engage in email scams anymore. Some of them have formed links with criminal groups involved in kidnapping and banditry,” Olukoyede warned. “When online fraud doesn’t bring quick returns, they resort to physical crimes.”
More concerning, he said, is the role these cybercriminals play in laundering embezzled public funds. “Some high-profile political actors are using these young fraudsters to clean up stolen money,” he revealed. “Huge sums are funneled through crypto wallets and sent abroad, where they’re used to purchase luxury assets—cars, homes, designer goods—all in an effort to disguise their origin.”
To illustrate the gravity of the situation, Olukoyede shared details of a recent arrest involving a 22-year-old suspect. “This individual, who has never held a legitimate job, moved over N5 billion through his account within just a year and a half. Investigations showed he was laundering money for politically exposed persons,” he disclosed.
He also expressed concern over the rising culture of crime among school-age youth, noting the disturbing trend of secondary school students seen driving luxury cars and flaunting unexplained wealth.
He warned of a deepening moral crisis. “Some of these boys even engage in ritual killings. You see them lounging in hotels in groups, hunting for their next target. Is this the future we envision for our country?”
Despite these troubling developments, the EFCC Chairman emphasized that his team is making headway in the fight against corruption and cybercrime.
So far in 2024, the commission has recorded a substantial number of convictions and asset recoveries. “We’ve secured 4,111 convictions this year alone and recovered over ₦365.4 billion,” he announced, quoting a report by EFCC’s spokesperson, Mr. Dele Oyewale.
Olukoyede urged officers of the commission to remain diligent, professional, and committed to the values of integrity. He assured Nigerians that the EFCC will continue to scale up its efforts, pledging that 2025 would bring even greater results in the anti-corruption war.