The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has warned Nigerians to be cautious as internet fraudsters, popularly known as Yahoo boys, have embarked on other dangerous activities, including kidnapping, ritual killings, and arms trafficking.

The EFCC chairman made this known on Thursday, February 13, 2025, while receiving the management of the Punch at the EFCC’s corporate headquarters in Abuja.

Olukoyede stated that Nigeria lost over $500 million in one year due to internet fraud.

“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," he said.

Olukoyede pointed out that the anti-graft agency is committed 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 appealed to 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.

"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.