Olukoyede noted that many of the individuals involved in cybercrime have expanded into more serious criminal ventures.
The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has lashed out at yahoo boys.
He alleged that Yahoo Boys are laundering money for politicians.
Speaking during a press briefing on Monday at the EFCC headquarters in Abuja, Olukoyede said cybercrime, popularly referred to as “Yahoo Yahoo,” has become a major challenge. He lamented that the activities of these fraudsters have made it difficult for Nigerians to be treated with dignity abroad.
“We are facing a crisis. When you travel with a Nigerian passport, you are often subjected to suspicion. That is the level of damage these young internet fraudsters have done to our image,” he said.
Olukoyede noted that many of the individuals involved in cybercrime have expanded into more serious criminal ventures.
“Some are now involved in banditry and kidnapping. When they are unable to defraud victims online, they turn to these violent crimes. Others serve as conduits for laundering funds stolen by politically exposed persons,” he added.
He cited cases where young fraudsters were used to move large sums of illicit funds abroad using cryptocurrency and other digital channels. “They help buy houses, cars, and other luxury items for these individuals,” he said.
According to Olukoyede, one of the suspects recently arrested by the EFCC, a 22-year-old, handled over N5 billion in financial transactions within 18 months, despite having no known legitimate employment. “You see secondary school students driving luxury vehicles, what kind of nation are we building?” he asked.
The EFCC Chairman also disclosed that in 2024 alone, the agency secured 4,111 convictions and recovered over N365.4 billion.
He said the commission remains committed to strengthening its capacity and ensuring professionalism, integrity, and accountability in the fight against economic and financial crimes.