The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has defended the agency’s intensified crackdown on internet fraudsters, commonly known as Yahoo Yahoo boys, amid rising concerns over their evolving criminal activities.
Speaking at the EFCC headquarters in Abuja on Thursday during a visit by The PUNCH management, Olukoyede revealed that Nigeria lost over $500 million in a single year due to online fraud. He warned that internet scammers were now involved in far more dangerous crimes, including kidnapping, ritual killings, and arms trafficking.
“We are facing a serious crisis. Last year alone, we received over 11,000 petitions, investigated nearly 9,000, and prosecuted almost 5,000 cases, despite limited resources. People criticise us for going after Yahoo Yahoo boys, but they don’t realize the severity of the issue,” he said.
According to Olukoyede, EFCC investigations have uncovered shocking details, including cases where victims—especially young women—were used for ritual sacrifices.
“If we fail to act decisively now, in 10 years, we may not have a generation to entrust this country to,” he warned.
The EFCC chairman also emphasized the agency’s internal reforms, revealing that 27 staff members had been dismissed over corruption allegations in the past year.
“You cannot fight corruption while being corrupt. I have challenged anyone to provide evidence that I have ever accepted a bribe. Integrity is key, and we must lead by example,” he stated.
Olukoyede called on the media to play a more active role in exposing financial crimes and shaping public perception of the anti-corruption fight.
“The media has always been instrumental in exposing corruption. Before the EFCC was founded, journalists uncovered many financial crimes. We need to return to that era of investigative journalism,” he said.
Michael Nzekwe, Chief of Staff to the EFCC chairman, echoed this sentiment, praising the media’s role in raising awareness and advocating for stronger collaboration.
“The fight against corruption is for the benefit of all Nigerians, not just the EFCC. The media is a crucial partner in this effort,” he concluded.
