Yahoo boys tarnish Nigeria’s image globally – EFCC chairman Olukoyede

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has condemned the activities of internet fraudsters commonly known as ‘Yahoo Boys’ saying they bring nothing but shame and dishonor to Nigeria.

Speaking during a media briefing on Monday, June 16, at the EFCC headquarters in Abuja, Olukoyede expressed deep concern over how the actions of these fraudsters have negatively impacted the country’s global reputation.

According to him, the rise of cybercrime has led to widespread profiling of Nigerians abroad, with many citizens now being viewed with suspicion by immigration officers and international institutions simply because of their nationality.

According to him, the actions of these fraudsters have led to widespread profiling of Nigerians, making citizens appear suspicious in the eyes of immigration officers and international authorities.

I go out to interact with my counterpart and other government agencies abroad in the course of tracing money and recovering assets. And there are things that it would be difficult for you to defend.

We recently arrested groups of young men, and people no longer believe in hard work. I’m from a state where education is our pride. If you go to the secondary school that I attended, by 12 noon, the students have left school,” he said.

The EFCC chairman elaborated on the actions of fraudsters, emphasising their involvement in banditry and kidnapping when their unsuspecting victims fail to comply.

He also highlighted that they engage in money laundering for politically exposed individuals both within and outside of government.

“The most dangerous aspect of it is not just about Yahoo-Yahoo, some of these guys are into banditry, kidnapping. When they don’t see people to scam on time, they resort to these vices. Some of them launder money for politically exposed persons. Don’t just see them as Yahoo-Yahoo Boys anymore; the traditional way of stealing money is not applicable anymore.

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 the hotel, the boys open accounts for them and take the money abroad to buy cars, houses and other luxury items.

Nigerians should look at them beyond just yahoo-yahoo. We arrested a 22-year-old; he had a turnover of over N5 billion within 18 months. We discovered that he laundered money for politically exposed people. A boy who has never worked in his life. They used them to steal government money now. They do ritual killings. They are also involved in cybercrime.

You see them in hotels and in groups trying to scam people. 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?” Olukoyede said