14th February 2025
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has defended the agency’s crackdown on internet fraudsters, popularly known as “Yahoo boys,” despite criticism.
Speaking on Thursday at the EFCC headquarters in Abuja while receiving The PUNCH management, Olukoyede revealed that Nigeria lost over $500 million to internet fraud in one year. He warned that cybercrime had evolved beyond online scams, with fraudsters now engaging in more dangerous crimes like kidnapping, ritual killings, and arms trafficking.
“We received over 11,000 petitions last year, investigated nearly 9,000 cases, and prosecuted almost 5,000 despite limited manpower. Some criticize us for targeting Yahoo boys, but they don’t realize how serious the issue has become,” he said.
He added, “It’s not just about scamming people anymore. Some are now involved in kidnapping and ritual killings. Investigations have uncovered shocking cases, including victims used for money rituals. If we don’t act decisively, the future of our youth is at risk.”
Olukoyede also highlighted EFCC’s internal reforms, revealing that 27 staff members had been dismissed for corruption.
“You can’t fight corruption and be corrupt yourself. Integrity is key, and we must lead by example,” he stated.
He urged the media to support the anti-corruption fight through investigative journalism and balanced reporting, emphasizing the need for collaboration between the media and law enforcement.
“The media played a key role in exposing financial crimes before EFCC was created. We need that partnership again to protect Nigeria,” he said.
Michael Nzekwe, EFCC Chairman’s Chief of Staff, also praised the media’s role in public awareness and called for greater cooperation in the fight against corruption.
