Danger Ahead! EFCC Uncovers ‘Yahoo Boys’ Deadly Transition To Crime & Rituals

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has justified the agency’s intensified crackdown on internet fraudsters, commonly known as Yahoo boys, highlighting the growing security risks they now pose.....KINDLY READ THE FULL STORY HERE▶

During a meeting with The PUNCH’s management team at the EFCC’s corporate headquarters in Abuja on Thursday, Olukoyede disclosed that Nigeria suffered losses exceeding $500 million to internet fraud in just one year.

He emphasized that cybercrime has escalated beyond financial scams, now encompassing violent offenses such as ritual killings, arms trafficking, and kidnapping.

“We are actively tackling this issue. Last year alone, we received over 11,000 petitions, investigated nearly 9,000 cases, and successfully prosecuted close to 5,000 offenders despite our limited workforce. Some people criticize us for targeting Yahoo boys, but they fail to grasp the gravity of their crimes,” Olukoyede stated.

“It’s no longer just about defrauding people online. These criminals are now involved in kidnapping, banditry, and ritual killings. Our investigations have uncovered shocking cases, including the use of young female victims for ritual purposes.

“If we fail to take decisive action, in the next decade, we may not have a responsible generation to inherit this country,” he warned.

Beyond tackling cybercrime, Olukoyede reaffirmed the EFCC’s commitment to internal accountability, revealing that in the past year, 27 commission employees were dismissed for corruption-related offenses.

“You cannot fight corruption while being corrupt yourself. I have publicly challenged anyone to provide evidence that I have ever accepted bribes in my career. Integrity is fundamental in this fight, and we must set the right example,” he asserted.

The EFCC Chairman also urged the media to play an active role in the anti-corruption battle by engaging in investigative journalism that exposes financial crimes and highlights the commission’s efforts.

“The media has always been instrumental in fighting corruption. In the early 2000s, before the EFCC was established, it was journalists who uncovered many financial scandals. We must return to that era, where the media and law enforcement collaborate to safeguard the nation,” he concluded.