Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission, has defended the commission’s continued campaign against online fraud, also referred to as Yahoo Yahoo in spite of criticism from some quarters.
Speaking on Thursday at the EFCC’s corporate offices in Abuja, Olukoyede said that online fraud cost the nation more than $500 million in a single year.
The EFCC head warned that internet fraudsters are now engaged in more serious crimes like kidnapping, ritual killings, and arms trafficking, noting that their operations had progressed beyond online scams.
“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,” Olukoyede stated.
Olukoyede also emphasised the EFCC’s dedication to internal purification, disclosing that he had fired 27 commission employees in the previous 12 months due to accusations of corruption.
“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 chairman of the EFCC called on the media to be more involved in influencing how the public views the commission’s work and to support investigative reporting that emphasises both the accomplishments of the agency and corruption.
“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.
The Chief of Staff to the EFCC Chairman, Michael Nzekwe, praised the media’s role in sensitisation and advocacy, calling for greater collaboration.
“The media is a critical partner in this fight. The advocacy and awareness you create have helped sustain the anti-corruption movement in Nigeria. We ask for even more understanding in the way our work is reported. The fight against corruption is for the good of all Nigerians, not just the EFCC,” he said.
