The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed concern over the negative image internet fraudsters, widely referred to as yahoo-yahoo boys, are creating for Nigeria.
Olukoyede made this statement during a press conference held on Monday at the commission’s headquarters in Abuja.
He stated that the activities of internet fraudsters have made it difficult for Nigerians to be seen as trustworthy individuals by immigration officials around the world.
“I want Nigerians to know that we are having a crisis on our hands. If you travel abroad with your green passport and stand in the queue among so many people, you will discover that by the time you present the passport, the people (immigration officers) will look at you with some reservation. That is, if they don’t take you aside to carry out some special scrutiny. That is a national shame that some young Nigerians (yahoo-yahoo boys) have caused for us,” he said.
Olukoyede also spoke about the challenges he faces when engaging with international partners in tracing illicit funds and asset recovery. He recounted a recent case where a group of young men were apprehended, highlighting the growing public disinterest in honest labor.
“I go out to interact with my counterpart and other government agencies abroad in the course of tracing money and recovering assets. And there are things that it would be difficult for you to defend. We recently arrested groups of young men, and people no longer believe in hard work. I’m from a state where education is our pride. If you go to the secondary school that I attended, by 12 noon, the students have left school,” he added.
Shedding more light on the extent of their criminal activities, the EFCC boss noted that some of the fraudsters go beyond cyber scams and are now involved in violent crimes and money laundering for politicians.
“The most dangerous aspect of it is not just about yahoo-yahoo, some of these guys are into banditry, kidnapping. When they don’t see people to scam on time, they resort to these vices. Some of them launder money for politically exposed persons. Don’t just see them as yahoo-yahoo boys anymore; the traditional way of stealing money is not applicable anymore,” he said.
He revealed how stolen government funds are funneled through these individuals using cryptocurrency and other digital means, often leading to luxurious purchases overseas.
“When they (politically-exposed persons) steal money in billions, they give it to these boys, they open crypto wallets, and from there, the money goes abroad. Most of these politically exposed persons identify these boys, lodge them in the hotel, the boys open accounts for them and take the money abroad to buy cars, houses and other luxury items,” Olukoyede explained.
He gave an example of a 22-year-old suspect who had a financial turnover of over N5 billion in just 18 months, without any legitimate source of income.
“Nigerians should look at them beyond just yahoo-yahoo. We arrested a 22-year-old; he had a turnover of over N5 billion within 18 months. We discovered that he laundered money for politically exposed people. A boy who has never worked in his life. They used them to steal government money now. They do ritual killings. They are also involved in cybercrime. You see them in hotels and in groups trying to scam people. You see secondary school students driving vehicles. Are those the people we want to hand Nigeria over to? Is that the nation we want to build?”
In a previous statement made in May, Olukoyede highlighted some of the commission’s achievements since he assumed office. He said the EFCC recovered over N365.4 billion and secured 4,111 convictions in the year 2024.
This was made public during a retreat held in Uyo, Akwa Ibom State, which focused on reviewing the commission’s progress and reaffirming its commitment to professionalism and integrity.
“In 2024, the commission secured 4,111 convictions and hauled monetary recovery of over N365.4billion. The EFCC’s boss appreciated the sacrifice, hard work, and discipline, and called for increased dedication to surpass the records of 2024 and greater commitment to the integrity of processes in the agency,” the statement read.
Olukoyede stressed the importance of maintaining ethical standards in the ongoing anti-corruption drive and said he hoped the EFCC’s staff would continue to represent a reliable and motivated force.
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