The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has said that the activities of internet fraudsters, popularly known as Yahoo Yahoo boys, have evolved beyond online scams, warning that they were now involved in more dangerous crimes, such as kidnapping, ritual killings, and arms trafficking.
Olukoyede, who disclosed this on Thursday, February 13, 2025 while receiving the management of the Punch at the EFCC’s corporate headquarters in Abuja, stated that the country lost over $500m in one year due to internet fraud.
“We are doing the work. Last year alone, we had over 11,000 petitions, investigated close to 9,000, and prosecuted nearly 5,000 cases despite our limited manpower. Some people criticise us for going after Yahoo Yahoo boys, but they don’t understand the severity of the crime,” he said.
“It is no longer just about scamming people. They are now into kidnapping, banditry, and ritual killings. Some of our investigations have uncovered horrifying details, including cases where young female victims were used for rituals. If we don’t act decisively, in the next 10 years, we may not have a generation we can confidently hand over this country to."
Olukoyede also stressed the EFCC’s commitment to internal cleansing, revealing that he had sacked 27 commission staff members in the past year over corruption allegations
"You cannot be fighting corruption and be corrupt yourself. I have publicly challenged anyone to come forward with evidence that I have collected bribes in my years of service. Integrity is key in this fight, and we must lead by example,” he said.
The EFCC chairman urged the media to play a more active role in shaping public perception of the commission’s work, advocating investigative journalism that highlights both corruption and the agency’s achievements.
"The media has always been a key player in the anti-corruption fight. In the early 2000s, before the EFCC was established, it was journalists who exposed many financial crimes. We need to return to that era where the media and law enforcement work together to protect the country,” he said.
The Chief of Staff to the EFCC Chairman, Michael Nzekwe, praised the media’s role in sensitisation and advocacy, calling for greater collaboration.
“The media is a critical partner in this fight. The advocacy and awareness you create have helped sustain the anti-corruption movement in Nigeria. We ask for even more understanding in the way our work is reported. The fight against corruption is for the good of al l Nigerians, not just the EFCC,” he added.
