‘Yahoo boys’ tarnishing Nigeria’s global image — EFCC Chairman

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the growing menace of internet fraudsters, popularly known as “Yahoo Boys,” saying their actions have brought embarrassment and shame to Nigeria on the global stage.

Speaking at a media briefing on Monday at the EFCC headquarters in Abuja, Olukoyede expressed concern over the damage being done to Nigeria’s international reputation, particularly when citizens travel abroad.

“We are facing a national crisis,” he said.

“Today, when you travel with a Nigerian passport, immigration officers often look at you with suspicion, sometimes even subjecting you to special scrutiny.

EFCC declares Seun Ogunbambo wanted over N976.6m oil subsidy fraud

“This is largely due to the activities of Yahoo Boys.”

Olukoyede lamented the shift away from values like education and hard work, noting that young Nigerians now idolize quick wealth through fraudulent means.

He cited an example from his home state, where secondary school students are leaving school early, presumably to engage in online fraud.

The EFCC boss went further to highlight the deeper dangers associated with internet fraud.

According to him, some of these fraudsters are now involved in more violent crimes such as kidnapping and banditry when online scams fail to yield returns.

More alarmingly, he said, many of these cybercriminals are being used as conduits to launder money for politically exposed persons, both within and outside the government.

“It’s no longer just about Yahoo Yahoo. Some of them have become tools in the hands of corrupt politicians.

“They help move stolen public funds, often via crypto wallets, to purchase luxury assets abroad,” Olukoyede said.

He revealed that the commission recently arrested a 22-year-old who had handled over N5 billion within 18 months, despite having no legitimate source of income.

Investigations showed that the young man was laundering money for high-profile individuals.

“These young men are now being used to steal government funds, buy expensive cars and homes, and even engage in ritual killings.

“We see secondary school students driving flashy cars and living in hotels.

“Are these the people we want to entrust Nigeria’s future to?” he questioned.

Olukoyede called on Nigerians to take the threat seriously and urged collective efforts to restore integrity and hard work as core national values.