The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed the agency’s commitment to tackling internet fraud, popularly known as Yahoo Yahoo, despite growing criticisms. He made this known during a courtesy visit by the management of Hobnob News to the EFCC’s corporate headquarters in Abuja on Thursday.
Olukoyede disclosed that Nigeria lost over $500 million in a single year due to internet fraud, emphasizing that the activities of cybercriminals have now evolved beyond online scams into more dangerous crimes, including kidnapping, ritual killings, and arms trafficking.
Escalating Criminal Activities The EFCC boss expressed concern over the growing trend, revealing disturbing findings from the agency’s investigations.
“We are actively working to curb these crimes. In the past year alone, we received over 11,000 petitions, investigated nearly 9,000 cases, and prosecuted close to 5,000, despite our limited resources. Many critics question our focus on Yahoo Yahoo boys, but they fail to grasp the gravity of their actions,” Olukoyede said.
“It is no longer just about defrauding unsuspecting victims online. These fraudsters are now deeply involved in violent crimes such as kidnapping, ritual killings, and banditry. Our investigations have uncovered gruesome cases where young women were used for ritualistic purposes. If we don’t take decisive action now, in the next decade, Nigeria may face an irreversible societal crisis.”
Fighting Corruption from Within In addition to tackling cybercrime, the EFCC chairman highlighted the commission’s internal anti-corruption measures, revealing that 27 staff members had been dismissed over corruption-related offenses in the past year.
“You cannot fight corruption while being corrupt. I have openly challenged anyone to provide evidence that I have ever accepted a bribe in my years of public service. Integrity must be at the forefront of our fight against corruption, and we must lead by example,” Olukoyede asserted.
Call for Media Collaboration Olukoyede urged the media to play a more active role in shaping public perception of the EFCC’s work, advocating for investigative journalism that not only exposes corruption but also highlights the agency’s successes.
“The media has always been a key player in Nigeria’s anti-corruption movement. In the early 2000s, before the EFCC was founded, investigative journalists played a crucial role in exposing major financial crimes. We must return to that era, where the media and law enforcement work together to safeguard our country,” he stated.
Michael Nzekwe, Chief of Staff to the EFCC Chairman, commended the media for its advocacy efforts and called for enhanced collaboration.
“The media is a vital ally in this fight. The awareness and education you provide have been instrumental in sustaining the anti-corruption movement in Nigeria. We urge journalists to continue their support by reporting our work with fairness and accuracy. The fight against corruption is not just for the EFCC but for the betterment of all Nigerians,” Nzekwe remarked.
The EFCC continues to intensify its crackdown on financial crimes, pledging to remain unwavering in its mission to rid Nigeria of corruption and organized crime. With an increasing number of fraudsters venturing into violent criminal enterprises, the commission insists that proactive enforcement and collaborative efforts with key stakeholders, including the media, are crucial to safeguarding the country’s future.
