EFCC Chairman Raises the Alarm Over Prevalent Yahoo Yahoo

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede, has sounded the alarm on the growing threat of internet fraudsters, popularly known as “Yahoo-Yahoo boys,” in Nigeria.

According to Olukoyede, these individuals are not only engaging in online scams but also involved in more serious crimes such as banditry, kidnapping, ritual killings, and money laundering for politically exposed persons.

Olukoyede lamented that the activities of these fraudsters have brought national shame to Nigeria, with Nigerians facing scrutiny and suspicion at international borders.

“When 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,” he said.

The EFCC chairman revealed that Yahoo-Yahoo boys have evolved beyond online scams, engaging in more violent and damaging activities.

“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,” Olukoyede stated.

A recent case highlighted by Olukoyede involved a 22-year-old suspect with a staggering turnover of over N5 billion within 18 months.

Investigations revealed that the suspect was used by political figures to launder illicit funds.

Olukoyede emphasized the EFCC’s commitment to tackling corruption and ensuring professionalism and integrity within the agency.

In 2024, the commission secured 4,111 convictions and recovered over N365.4 billion.

The EFCC’s crackdown on Yahoo-Yahoo boys is not just about stopping online scams but also about addressing the broader security threats and corruption associated with these activities.

As Olukoyede aptly put it, “Are those the people we want to hand Nigeria over to? Is that the nation we want to build?”.