THE Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed deep concern over the growing involvement of Nigerian youth in internet fraud, describing it as a national embarrassment that has severely tarnished the country’s image abroad.
Speaking during a media briefing at the EFCC headquarters in Abuja today, Olukoyede condemned the activities of internet fraudsters, commonly known as “Yahoo-Yahoo boys,” noting their role in global reputational damage and domestic insecurity.
“We are facing a crisis. Carry a Nigerian passport abroad and see the suspicion that follows. This is the damage these young fraudsters have done,” he said.
He lamented that the perception of Nigerians has been negatively impacted by the fraudulent activities of a minority, and highlighted the increasing difficulty faced by law-abiding citizens and officials while engaging internationally.
According to him, the fraudsters’ crimes go beyond cyber scams. Some are now involved in kidnapping, banditry, and money laundering for politically exposed individuals.
Olukoyede revealed that some politicians use these young men to funnel stolen funds through cryptocurrency platforms to purchase luxury properties abroad.
“These are not just Yahoo boys anymore. They have become instruments for laundering stolen public funds. Some are involved in ritual killings and violent crimes,” he stated.
Citing a recent case, he disclosed the arrest of a 22-year-old who handled over ₦5 billion within 18 months, allegedly laundering funds for high-ranking individuals.
Olukoyede expressed concern over the erosion of values among the youth, noting that some secondary school students now drive flashy cars funded by illicit activities.
“Are these the future leaders of our nation?” he asked, urging Nigerians to critically assess the long-term implications of glorifying wealth obtained through fraudulent means.
The EFCC boss also provided an update on the Commission’s achievements, highlighting that in 2024, the agency recovered over ₦365.4 billion and secured 4,111 convictions. He made this known during a retreat in Uyo, Akwa Ibom State, themed *“EFCC: The Journey So Far, Ensuring Professionalism and Integrity.”
He attributed the agency’s progress to the dedication and integrity of its workforce and called for continued professionalism and discipline in the anti-corruption fight.
“We must build a culture of accountability. The EFCC is committed to being a team of honest, highly motivated professionals,” he added.