EFCC Raises Concern Over Yahoo Boys Engaging in Rituals, Banditry

Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has defended the agency’s stepped-up efforts to combat online scammers, also referred to as Yahoo guys, by highlighting the wider security threat they currently represent.
Speaking to a management team at the EFCC’s corporate offices in Abuja on Thursday, Olukoyede disclosed that Nigeria lost more than $500 million to online fraud in only one year.
He emphasized that online frauds today include violent crimes like ritual killings, arms trafficking, and kidnapping in addition to financial fraud.

“We’re working on it. Despite having a small staff, we received over 11,000 petitions, looked into almost 9,000, and prosecuted almost 5,000 instances in the past year alone. Olukoyede stated, “Some people criticize us for targeting Yahoo Yahoo boys, but they don’t comprehend the seriousness of the crime.”

“Scamming individuals is no longer the only thing involved. They currently engage in ritual killings, banditry, and kidnapping. Horrifying information, including as instances when young female victims were utilized for rituals, have been revealed by some of our investigations.

“We might not have a generation to confidently pass this country on to in the next ten years if we don’t take decisive action,” he continued.

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Olukoyede emphasized the EFCC’s dedication to internal accountability in addition to combating cybercrime, pointing out that 27 commission workers were fired in the previous year for corruption-related infractions.

“You cannot be corrupt while opposing corruption. I have openly urged anyone with proof that I have accepted bribes over my years of service to come forward. In this battle, integrity is crucial, and we have to set an example,” he said.

The head of the EFCC also urged the media to help fight corruption by doing investigative reporting that highlights the agency’s accomplishments as well as corruption.

In the battle against corruption, the media has always played a significant role. Many financial crimes in the early 2000s were discovered by media before the EFCC was created. We must go back to the time when law enforcement and the media collaborated to safeguard the nation,” he said.