EFCC Chairman Ola Olukoyede warns that internet fraudsters, or “yahoo-yahoo boys,” are bringing national shame to Nigeria and are involved in wider crimes like banditry and money laundering for politically exposed persons
Olukoyede Internet Fraudsters warning has highlighted a deepening crisis, as the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, stated on Monday that internet fraudsters, popularly known as “yahoo-yahoo boys,” are bringing national shame to Nigeria.
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Speaking at a media briefing at the agency’s headquarters in Abuja, Olukoyede emphasized the severe impact of their activities on the country’s image abroad.
“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. That is a national shame that some young Nigerians (yahoo-yahoo boys) have caused for us,” the DG lamented.
Olukoyede further shared his experiences interacting with international counterparts, where defending Nigeria’s reputation becomes challenging due to these activities. He noted a worrying decline in the belief in hard work among young Nigerians.
Expounding on the grave atrocities committed by these fraudsters, the EFCC chairman stressed that their involvement extends beyond mere online scams.
He revealed that “yahoo-yahoo boys” are increasingly linked to serious crimes such as banditry and kidnapping, especially when their initial scam victims do not cooperate.
Furthermore, Olukoyede highlighted their crucial role in money laundering for politically exposed persons, both within and outside government.
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. That is a national shame that some young Nigerians (yahoo-yahoo boys) have caused for us.
“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. Don’t just see them as yahoo-yahoo boys anymore; the traditional way of stealing money is not applicable anymore,” he warned.
He explained the sophisticated methods used, where billions of naira stolen by politically exposed persons are channeled through these young fraudsters who open crypto wallets, facilitating the transfer of funds abroad to purchase luxury items like cars and houses.
“Nigerians should look at them beyond just yahoo-yahoo. 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. They used them to steal government money now. They 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?” Olukoyede questioned, painting a grim picture of the societal impact.
Recall that in May, Olukoyede announced that since his assumption of office, the EFCC had recovered over N365.4 billion and secured 4,111 convictions in 2024 alone.
He attributed this significant feat to the commitment, sacrifices, and dedication of the commission’s staff, promising to surpass the record in 2025.
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In a statement by the commission’s spokesperson, Dele Oyewale, Olukoyede emphasized the need to uphold professionalism and integrity in the fight against corruption, assuring that the EFCC’s workforce would evolve into “a critical mass of honest, highly motivated and effective team.”
