Despite criticism from certain quarters, Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission, has defended the commission’s ongoing crackdown on online fraudsters, sometimes known as Yahoo Yahoo boys.
During a courtesy visit to the EFCC’s corporate offices in Abuja on Thursday, Olukoyede said that internet fraud cost the nation more than $500 million in a single year.
The head of the EFCC warned that internet fraudsters were now engaged in more serious crimes including abduction, ritual killings, and arms trafficking, noting that their operations had progressed beyond online scams.
“We are doing the work. Last year alone, we had over 11,000 petitions, investigated close to 9,000, and prosecuted nearly 5,000 cases despite our limited manpower. Some people criticise us for going after Yahoo Yahoo boys, but they don’t understand the severity of the crime.
“It is no longer just about scamming people. They are now into kidnapping, banditry, and ritual killings. Some of our investigations have uncovered horrifying details, including cases where young female victims were used for rituals. If we don’t act decisively, in the next 10 years, we may not have a generation we can confidently hand over this country to,” Olukoyede stated.
Olukoyede also stressed the EFCC’s commitment to internal cleansing, revealing that he had sacked 27 commission staff members in the past year over corruption allegations.
“You cannot be fighting corruption and be corrupt yourself. I have publicly challenged anyone to come forward with evidence that I have collected bribes in my years of service. Integrity is key in this fight, and we must lead by example,” he said.
The EFCC chairman urged the media to play a more active role in shaping public perception of the commission’s work, advocating investigative journalism that highlights both corruption and the agency’s achievements.
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“The media has always been a key player in the anti-corruption fight. In the early 2000s, before the EFCC was established, it was journalists who exposed many financial crimes. We need to return to that era where the media and law enforcement work together to protect the country,” he said.
The Chief of Staff to the EFCC Chairman, Michael Nzekwe, praised the media’s role in sensitisation and advocacy, calling for greater collaboration.
“The media is a critical partner in this fight. The advocacy and awareness you create have helped sustain the anti-corruption movement in Nigeria. We ask for even more understanding in the way our work is reported. The fight against corruption is for the good of all Nigerians, not just the EFCC,” he said
