As the nation digests these twin tragedies, another form of violence—economic and reputational—was laid bare in Abuja by Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC). During a press briefing on Monday, Olukoyede lamented the global damage being done by internet fraudsters—commonly known as Yahoo Yahoo boys.
“I want Nigerians to know that we are having a crisis on our hands,” he said.
“If you travel abroad with your green passport and stand in the queue among so many people, you will discover that by the time you present the passport, the people (immigration officers) will look at you with some reservation. That is, if they don’t take you aside to carry out some special scrutiny. That is a national shame that some young Nigerians (Yahoo Yahoo boys) have caused for us.”
He further warned that cybercrime is bleeding into more violent domains. When online scams don’t deliver instant returns, some of these criminals allegedly pivot to banditry, kidnapping, and even political thuggery—often under the patronage of corrupt elites.
Olukoyede revealed that a 22-year-old suspect recently arrested by the EFCC had moved over ₦5 billion in less than 18 months, without ever holding a legitimate job. The suspect, he said, was being used by politicians to launder stolen public funds through cryptocurrency channels.
“When they (politically exposed persons) steal money in billions, they give it to these boys. They open crypto wallets, and from there, the money goes abroad. Most of these politically exposed persons identify these boys, lodge them in hotels, the boys open accounts for them and take the money abroad to buy cars, houses and other luxury items.”
He cautioned that unless urgent moral and institutional reforms are implemented, Nigeria could lose its next generation to fraud and criminality.
“You see secondary school students driving vehicles. Are those the people we want to hand Nigeria over to? Is that the nation we want to build?”
Despite the bleak warning, Olukoyede struck a note of hope, revealing that in 2024 alone, the EFCC recovered over N365.4 billion and secured 4,111 convictions.
“We are building a dedicated and disciplined workforce to drive meaningful change in Nigeria,” he said. “We will do more in 2025.”