By Dansu Peter The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that internet fraud...
By Dansu Peter
Speaking at the EFCC headquarters in Abuja on Thursday, February 13, 2025, while receiving the management of The Punch, Olukoyede revealed that Nigeria lost over $500 million to cybercrime in just one year. He lamented that what started as online fraud has now escalated into violent and deadly crimes.
“We are dealing with a very serious threat. It is no longer just about scamming unsuspecting victims online. Yahoo Boys have now moved into organized crime—kidnapping, banditry, and ritual killings,” Olukoyede stated.
According to him, some investigations have exposed horrifying cases where young women were abducted and used for ritual sacrifices. He warned that if the country fails to act decisively, the next generation could be in grave danger.
“In the last year alone, we received over 11,000 petitions, investigated nearly 9,000 cases, and prosecuted almost 5,000 offenders, despite our limited manpower. Some people question why we go after these fraudsters, but they fail to understand the extent of the crisis. If this trend continues unchecked, in the next decade, we may not have a stable future to hand over to our children,” he warned.
Olukoyede also disclosed that the EFCC is undergoing internal reforms, having dismissed 27 staff members over corruption allegations in the past year.
"You cannot fight corruption while being corrupt yourself. I have openly challenged anyone to provide evidence that I have ever taken a bribe. Integrity is non-negotiable in this fight, and we must lead by example,” he asserted.
The EFCC chairman urged journalists to take a more proactive role in exposing crime and corruption, emphasizing that investigative journalism was key to strengthening Nigeria's anti-corruption war.
"The media played a critical role in exposing financial crimes before the EFCC was established in the early 2000s. We must return to that era of collaboration between journalists and law enforcement to protect our nation,” he stated.
Michael Nzekwe, Chief of Staff to the EFCC Chairman, also praised the media's role in public sensitization, calling for a stronger partnership in fighting corruption and organized crime.
“The media is essential to this fight. Your reports shape public perception and strengthen the movement against corruption. We urge you to continue highlighting the dangers of cybercrime and its link to violent criminal activities,” Nzekwe added.
The EFCC's revelations confirm growing concerns that Yahoo Boys have moved beyond internet fraud into more sinister criminal enterprises, making them a major security threat to the nation.
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