The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that internet fraudsters, commonly known as “Yahoo Yahoo boys,” are no longer limited to online scams but are now involved in far more dangerous activities, such as kidnapping, ritual killings, and arms trafficking.
Olukoyede made the statement on Thursday, February 13, 2025, while meeting with the management of The Punch at the EFCC’s headquarters in Abuja. He noted that the country had lost over $500 million in just one year due to internet fraud.
“We are actively tackling the issue. Last year alone, we received over 11,000 petitions, investigated nearly 9,000 cases, and prosecuted almost 5,000 individuals, despite having limited resources. Some criticize us for targeting Yahoo Yahoo boys, but they fail to recognize the grave nature of these crimes,” Olukoyede explained.
“It’s no longer just about scamming. These individuals are now involved in kidnapping, banditry, and ritual killings. Our investigations have uncovered disturbing details, including cases where young women were exploited for rituals. If we don’t take strong action now, we might not have a safe and stable generation to pass this country on to in the next decade.”
Olukoyede also emphasized the EFCC’s dedication to internal integrity, revealing that 27 staff members had been dismissed in the past year over corruption allegations.
“You can’t fight corruption and be corrupt yourself. I’ve publicly challenged anyone to provide proof of any bribes I’ve taken during my tenure. Integrity is vital in this fight, and we must lead by example,” he said.
The EFCC chairman also called on the media to play a more active role in shaping public perceptions of the commission’s work, urging for more investigative journalism that highlights both corruption and the EFCC’s successes.
“The media has always been crucial in the fight against corruption. Before the EFCC was established in the early 2000s, it was journalists who exposed many financial crimes. We need to return to that era, where law enforcement and the media collaborate to safeguard our country,” he added.
Michael Nzekwe, the Chief of Staff to the EFCC Chairman, praised the media’s role in raising awareness and called for even more cooperation.
“The media is an essential partner in this fight. Your advocacy has been instrumental in sustaining the anti-corruption movement in Nigeria. We ask for more understanding in how our work is reported, as this fight is for the benefit of all Nigerians, not just the EFCC,” Nzekwe stated.
