The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns about the growing dangers of internet fraudsters, popularly known as Yahoo boys.

According to him, these fraudsters are no longer just scamming people online—they are now involved in more serious crimes such as kidnapping, ritual killings, and arms trafficking.

Speaking at the EFCC headquarters in Abuja on February 13, 2025, Olukoyede revealed that Nigeria lost over $500 million in one year due to internet fraud.

He explained that while many criticize the EFCC for arresting Yahoo boys, the situation is more dangerous than people realize.

“It is not just about online scams anymore,” he said. “They are now involved in kidnapping, banditry, and ritual killings.

Some investigations have uncovered cases where young women were used for rituals. If we don’t take action, the future of our country is at risk.”

Olukoyede also emphasized that the EFCC is working hard to clean up corruption within its own ranks. In the past year, 27 staff members were dismissed over corruption allegations.

“You cannot fight corruption while being corrupt yourself,” he stated. “I have always maintained integrity, and I challenge anyone to prove otherwise.”

The EFCC chairman urged the media to support the fight against corruption by exposing crimes and promoting the agency’s efforts. He recalled how journalists played a key role in exposing financial crimes before the EFCC was established.

Michael Nzekwe, the Chief of Staff to the EFCC Chairman, also praised the media for spreading awareness about corruption.

He encouraged journalists to continue supporting the agency’s work for the benefit of all Nigerians.

The EFCC is determined to crack down on internet fraud and related crimes. As these fraudsters move into more violent activities, the agency is calling on the public, law enforcement, and the media to join hands in the fight against crime.