Yahoo Boys Tarnishing Nigeria’s Global Image – EFCC Chairman Olukoyede
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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the damaging impact of internet fraudsters—popularly known as “Yahoo Yahoo” boys—on Nigeria’s international reputation.
Speaking during a media briefing on Monday at the EFCC headquarters in Abuja, Olukoyede described internet fraud as a growing national crisis that has subjected Nigerians to intense scrutiny and suspicion at international borders.
“If you travel abroad with your Nigerian passport, immigration officials often look at you with suspicion—if they don’t pull you aside for extra screening,” he stated. “That’s a national embarrassment directly tied to the actions of some of our young people engaged in cybercrime.”
He revealed that the commission has recently apprehended several young men connected to serious financial crimes and raised concern over the erosion of the country’s value for hard work and education.
“I come from a state where education used to be our pride. But today, if you visit my former secondary school, you’ll see that students leave school as early as 12 noon. That’s not the Nigeria we should be building,” he lamented.
Olukoyede further warned that the scope of these cybercriminals’ activities has expanded far beyond online scams. According to him, many of them are now involved in violent crimes such as kidnapping and banditry, particularly whentheir scams fail to yield money. He also linked them to high-level money laundering schemes for politically exposed individuals.
“These are not just Yahoo boys anymore,” he said. “They are laundering billions for corrupt officials using cryptocurrency. We arrested a 22-year-old who had N5 billion in turnover in just 18 months. He never had a formal job but was being used to clean stolen government funds.”
He accused some politicians of colluding with these fraudsters, using them to open crypto wallets and move illicit funds abroad to buy luxury cars, houses, and other assets.
Olukoyede warned that tolerating this behavior risks Nigeria’s future: “We are seeing teenagers, even secondary school students, driving luxury cars bought with crime proceeds. Is this the future we want for Nigeria?”
In a related development, the EFCC boss highlighted the agency’s achievements since he assumed office. He disclosed that in 2024 alone, the commission secured 4,111 convictions and recovered over N365.4 billion in stolen funds. This, he said, was made possible by the dedication and professionalism of EFCC staff.
He urged the commission’s workforce to remain committed to integrity and hard work, promising an even greater performance in 2025.
“We must uphold professionalism and discipline. The fight against corruption must be driven by a team of honest and highly motivated individuals,” he concluded.
