The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has said that the internet fraudsters, popularly known as Yahoo Yahoo boys, have diversified extensively beyond online scams into more dangerous crimes, such as kidnapping, ritual killings, and arms trafficking.
The EFCC boss stated this on Thursday, February 13, 2025 while receiving the management of the Punch at the EFCC’s corporate headquarters in Abuja.
Olukoyede said the scale of online fraud had expanded to a point that the country is losing over $500m in one year to fraudulent activities.
“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.”
The EFCC boss said the commission was also looking inward to clease itself of corrupt officials, disclosing that he had sacked 27 commission staff members in the past year over corrupt practices.
“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.
On the role of the media in the fight against corruption, he said, “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.”
