Yahoo Boys Are A National Embarrassment – EFCC Chairman Olukoyede

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has condemned the activities of internet fraudsters, popularly known as yahoo boys, calling them a national disgrace responsible for damaging Nigeria’s global image and fueling serious security threats.

Speaking during a media briefing at the EFCC headquarters in Abuja on Monday, Olukoyede said the reputation of Nigerian passport holders is now under constant suspicion abroad due to the crimes of cyber fraudsters.

“We are dealing with a serious crisis,” he stated. “When you travel abroad with a Nigerian passport, immigration officers often treat you with suspicion or subject you to special scrutiny. That’s a national shame caused by some young Nigerians involved in yahoo-yahoo.”

He warned that internet fraud among youths has grown into a far more dangerous trend, evolving from simple email scams into organized financial crime. According to him, many are now involved in money laundering, kidnapping, ritual killings, and serve as conduits for corrupt politicians.

“Some of these guys are into banditry and kidnapping when they can’t find victims to scam. Others launder money for politically exposed persons. It’s no longer just yahoo-yahoo—it’s organized crime,” he said.

Olukoyede revealed that politicians increasingly rely on internet fraudsters to move stolen public funds through crypto wallets, luxury purchases, and offshore accounts.

“When they steal billions, they hand it over to these boys. They use crypto wallets to transfer the money abroad and buy cars, houses, and other luxury items,” he explained.

Citing a specific case, he mentioned a 22-year-old with no legitimate source of income who moved over ₦5 billion in just 18 months, allegedly working for powerful individuals.

“You now see secondary school students driving luxury cars. Are these the people we want to entrust Nigeria’s future to?” he asked. “Is this the kind of nation we’re building?”

Olukoyede urged Nigerians to stop glorifying online fraud and instead understand its broader threat to national security and economic stability.

Highlighting the EFCC’s recent achievements, he disclosed that in 2024 alone, the commission recovered over ₦365.4 billion and secured 4,111 convictions.

At a retreat for EFCC directors in Uyo, Akwa Ibom State, he praised the agency’s dedicated workforce and vowed to exceed these results in 2025.

“The EFCC’s staff remain a committed and disciplined team of professionals. We will build on this success and go even further next year,” Olukoyede said.