The Economic and Financial Crimes Commission’s (EFCC) Executive Chairman, Ola Olukoyede, has defended the agency’s stepped-up efforts to combat online scammers, also referred to as Yahoo boys, by highlighting the wider security threat they now represent.
Speaking Thursday while welcoming a management team at the EFCC’s corporate offices in Abuja, Olukoyede disclosed that Nigeria lost more than $500 million in a single year due to cyber fraud.
He emphasized how online frauds have spread beyond financial fraud to include violent crimes like kidnapping, gun trafficking, and ritual killings.
“We are carrying out the task. We received more than 11,000 petitions, looked into almost 9,000, and prosecuted almost 5,000 instances in the past year alone, despite having a small staff. Some individuals criticize us for targeting Yahoo Yahoo lads, but they are unaware of how serious the offense is, Olukoyede stated.
“It’s not just about coning people anymore. These days, their activities include ritual killings, banditry, and kidnapping. Horrifying information have come to light during some of our investigations, such as instances in which young female victims were used for ceremonial purposes.
“If we don’t take decisive action, we might not have a generation to confidently pass this country on to in the next ten years,” he continued.
In addition to addressing cybercrime, Olukoyede emphasized the EFCC’s dedication to internal accountability, stating that 27 commission workers were fired in the previous 12 months for corruption-related infractions.
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“You cannot oppose corruption while yet being corrupt. I’ve openly called on anyone with proof that I’ve accepted bribes during my years of service. Integrity is crucial in this battle, and we have to set an example,” he said.
Additionally, the EFCC Boss urged the media to support the fight against corruption by doing investigative journalism that highlights the accomplishments of the EFCC as well as corruption.
“The media has always played a significant role in the battle against corruption. Prior to the creation of the EFCC, journalists were responsible for exposing numerous financial crimes in the early 2000s. To safeguard the nation, we must go back to the days when law enforcement and the media collaborated,” he said.
