https://www.herald.ng/efcc-chairman-olukoyede-yahoo-boys-now-involved-in-banditry-kidnapping-and-money-laundering/

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the evolving threat posed by internet fraudsters, popularly known as ‘Yahoo boys,’ describing them as deeply entrenched in other forms of organized crime.

In a video released by the commission on Monday, June 16, 2025, Olukoyede stated that beyond internet scams, many Yahoo boys have expanded into more violent and complex criminal activities, including banditry, kidnapping, and money laundering for politically exposed individuals.

“Let me tell you the most dangerous aspects of it. It is not just about Yahoo-Yahoo. Nigerians should know this: these guys, some of them, are into banditry. We have proof and evidence. Some are into kidnapping. When they don’t see people to scam on time, they go into kidnapping. Some of them launder money for politically exposed persons,” Olukoyede revealed.

He emphasized that the commission’s anti-fraud campaign is not merely about internet fraud, but about confronting a wider national crisis that threatens security, stability, and Nigeria’s global image.

Describing the Yahoo-Yahoo trend as a “national shame,” Olukoyede lamented the erosion of ethical values among the youth, noting that many no longer believe in hard work and legitimate success.

He cited the recent arrest of over 120 suspected internet fraudsters by EFCC operatives as evidence of the scale of the problem and vowed that the commission would intensify its efforts to dismantle the growing criminal network.

“The menace is widespread and worsening. The campaign against Yahoo-Yahoo is far from over,” he warned.

The EFCC chairman’s comments come amid growing public concern over youth involvement in cybercrime and increasing insecurity linked to criminal syndicates across Nigeria.