Abuja, Nigeria – June 16, 2025
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed deep concern over the growing notoriety of internet fraudsters, popularly known as Yahoo-Yahoo boys, stating that their actions are damaging Nigeria’s global reputation and worsening the country’s image abroad.
Speaking during a media briefing at the EFCC headquarters in Abuja on Monday, Olukoyede lamented that the activities of these fraudsters have led to widespread suspicion of Nigerians at international airports and embassies.
According to him, “When you travel abroad with a Nigerian passport, immigration officers look at you with suspicion, and in some cases, subject you to extra scrutiny. This is the national shame brought upon us by some young Nigerians engaging in internet fraud.”
The EFCC boss further warned that the operations of these criminals go beyond online scams, revealing that many are now involved in more dangerous crimes such as banditry, kidnapping, and large-scale money laundering.
He cited the recent arrest of a 22-year-old suspect with over ₦5 billion in financial transactions within 18 months as evidence of the depth of financial crimes being committed. “They are laundering stolen funds for politically exposed persons. The traditional way of stealing government money has changed — they now use these boys to open crypto wallets and wire funds abroad,” he explained.
Olukoyede also described the use of young people as financial mules by politicians as a growing threat. “Some of these politicians lodge them in hotels, use them to open bank accounts and crypto wallets, and channel looted funds to buy luxury assets abroad,” he said.
He raised alarm over the visible impact on the youth, including reports of secondary school students now driving expensive cars without legitimate sources of income. “Is that the kind of Nigeria we want to build?” he asked.
In May, Olukoyede had disclosed that the EFCC secured 4,111 convictions and recovered over ₦365.4 billion in 2024. He reaffirmed the commission’s commitment to professionalism, integrity, and intensified anti-corruption efforts in 2025.
The chairman called on Nigerians to reject glorification of internet fraud and support efforts to restore the country’s image, warning that continued indulgence in cybercrime would have dire consequences for the nation’s future.
