The Economic and Financial Crimes Commission (EFCC) has raised alarm over the escalating security threats posed by internet fraudsters, popularly known as Yahoo boys. According to the agency’s chairman, Ola Olukoyede, cybercrime in Nigeria has evolved beyond financial scams, now fueling violent crimes such as ritual killings, arms trafficking, and kidnapping.
Speaking at the EFCC headquarters in Abuja during a visit from The PUNCH management team, Olukoyede revealed that Nigeria lost over $500 million to online fraud in just one year. He emphasized the agency’s commitment to tackling the menace, despite criticism from some quarters.
“Last year alone, we received over 11,000 petitions, investigated nearly 9,000 cases, and prosecuted close to 5,000 individuals—all with limited manpower,” Olukoyede stated.
“Some people question why we go after Yahoo boys, but they fail to understand the scale of their crimes. It’s no longer just about scamming people online—many are now involved in kidnapping, banditry, and ritual killings. Our investigations have uncovered disturbing cases, including the use of young female victims for rituals.”
He warned that if decisive action isn’t taken now, Nigeria could face a full-blown crisis in the next decade.
Beyond tackling cybercrime, Olukoyede highlighted the EFCC’s internal accountability measures, revealing that 27 EFCC employees were dismissed last year for corruption-related offenses.
“You can’t fight corruption while being corrupt yourself,” he asserted. “I have publicly challenged anyone to provide evidence that I have ever accepted bribes in my years of service. Integrity is non-negotiable in this fight.”
He also called on the media to play a more active role in exposing corruption, urging journalists to return to the era of investigative journalism that helped shape Nigeria’s anti-corruption landscape.
“Before the EFCC was even established in the early 2000s, it was journalists who uncovered many financial crimes. We need to rekindle that collaboration between the media and law enforcement to protect our nation.”
As the EFCC ramps up its efforts, the public is urged to stay vigilant and report suspicious activities to help combat the growing threat of cybercrime and its deadly offshoots.
