The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that the activities of internet fraudsters, popularly known as Yahoo boys, are bringing shame to Nigeria and driving more serious crimes across the country.
Speaking at a media briefing at the EFCC headquarters in Abuja on Monday, Olukoyede said cybercrime was tarnishing Nigeria’s international image and complicating the work of law enforcement agencies.
“I’ve had situations in money-tracing operations where I struggled to defend our image because of the damage caused by these fraudsters,” he said.
Olukoyede revealed that Yahoo boys are increasingly involved in more dangerous crimes, including banditry, kidnapping, and laundering stolen funds for politically exposed persons. He explained how stolen billions are funnelled through crypto wallets by these fraudsters, who help their political associates move illicit funds abroad to acquire luxury assets.
Highlighting the scale of the problem, he said: “We arrested a 22-year-old who had handled over ₦5 billion in 18 months, laundering money for politically exposed persons. This is someone who has never done any legitimate work.”
The EFCC chairman also shared the agency’s recent achievements, noting that in 2024 alone, it secured 4,111 convictions and recovered over ₦365.4 billion. He urged his officers to maintain professionalism and integrity, pledging stronger results in 2025.
