Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the growing impact of internet fraudsters, popularly known as Yahoo boys, on Nigeria’s economy and global image. He stated that the operations of these fraudsters have become a major deterrent to foreign investors, who are increasingly wary of doing business in Nigeria due to widespread cybercrime and corruption.
Speaking during a public engagement in Lagos, Olukoyede lamented that Yahoo boys have moved beyond basic email scams. He revealed that many are now linked to money laundering for corrupt politicians, kidnappings, and even ritual killings. The chairman cited a case involving a 22-year-old suspect who handled over ₦5 billion in suspected fraudulent transactions within just 18 months—without any known legitimate income source.
According to Olukoyede, cybercrime is not only ruining the moral fabric of Nigerian youth but is also threatening the country’s economic prospects. Banks and companies continue to suffer heavy losses from online fraud, with some reports showing over ₦8 billion lost by financial institutions alone in a recent nine-month period. Such financial instability, he said, discourages global investors and erodes trust in Nigeria’s business environment.
The EFCC boss also drew attention to the complicity of politically exposed individuals who use these internet fraudsters to launder stolen public funds. These funds are often funneled through cryptocurrencies, making them harder to trace, and then used to purchase luxury assets abroad. This dangerous cycle, he warned, has created a shadow economy that undermines legitimate enterprise and economic reform.
Olukoyede reaffirmed the EFCC’s commitment to fighting financial crime and restoring Nigeria’s image. He called on parents, educators, and community leaders to help discourage cybercrime and inspire young Nigerians to pursue honest careers. The chairman stressed that with over 4,000 convictions in the past year, the EFCC is ramping up efforts—but lasting change will require collective action against the glorification of fraud.
