Yahoo Boys Disgrace To Nigeria – EFCC
The Economic and Financial Crimes Commission (EFCC) has decried the growing menace of internet fraudsters, popularly known as “Yahoo Boys”.
He described their activities as a national embarrassment and a threat to Nigeria’s global image and internal security.
Speaking at a media briefing on Monday at the EFCC headquarters in Abuja, the Commission’s Chairman, Ola Olukoyede, warned that cybercrime has evolved beyond email scams and now fuels more dangerous crimes such as money laundering, kidnapping, and ritual killings.
“We are facing a national emergency. When Nigerians travel abroad, they are treated with suspicion because of the criminal actions of a few. It’s a shame that affects all of us,” Olukoyede said.
He revealed that many of those arrested during the Commission’s ongoing nationwide crackdown were found to be laundering huge sums of money for politically exposed persons, including serving and former public office holders.
“It’s no longer about petty scams. These are criminal syndicates managing billions in stolen funds. A 22-year-old we recently apprehended laundered over ₦5 billion within just 18 months without ever holding a legitimate job,” he disclosed.
He added that many of the fraudsters now use cryptocurrency to hide illicit funds and invest in luxury assets, including exotic cars and expensive real estate.
Olukoyede also raised alarm over the link between cybercrime and violent crimes in Nigeria.
“When they can’t find victims online, some turn to kidnapping and armed banditry. We’ve discovered cases where Yahoo Boys are used to divert public funds and even participate in ritual killings.
“What kind of future are we building when schoolchildren drive luxury cars bought with stolen money?” he asked.
The EFCC chairman urged Nigerians to stop romanticizing internet fraud and treating it as a hustle, insisting it is deeply woven into the country’s broader problems of corruption, insecurity, and moral decay.
Reflecting on the agency’s progress, Olukoyede announced that the EFCC recovered over ₦365.4 billion and secured 4,111 convictions in 2024 alone.
He shared the figures at a directors’ retreat held in Uyo, Akwa Ibom State, themed “EFCC: The Journey So Far — Ensuring Professionalism and Integrity.”
He credited the agency’s achievements to the hard work and commitment of its personnel and restated his vision to uphold professionalism, discipline, and integrity within the Commission.
“Our focus remains unwavering. We will continue to strengthen our operations and deepen public trust in our mission to rid Nigeria of corruption,” he assured
