The chairman of the Economic and Financial Crimes Commission (EFCC)
Ola Oluku, has described internet fraud, commonly known as "Yahoo," as a national emergency that must be addressed seriously. During an appearance on TVC News’ flagship program, Journalist Hangout, on Sunday, he stated that the situation has escalated into a crisis, leading to a crackdown on individuals involved in these crimes.
Oluku mentioned that many of these "Yahoo boys" have transitioned into more severe criminal activities, such as kidnapping and money laundering for politically exposed persons. "Nigerians should be aware of this," he said. Some of these individuals are also involved in banditry. We have evidence to support this. When they find it difficult to scam people, some of them resort to kidnapping, which has been widely reported in the news. This is the nature of our work; people are aware.
Moreover, he stressed that the traditional methods of stealing money have changed. When huge sums of government money are stolen, it is often funneled to these fraudsters, who then open cryptocurrency wallets to transfer the funds abroad. With Bitcoin, they can purchase homes, vehicles, and other assets.
According to Oluku, politically exposed persons often identify these fraudsters, place them in hotels, open accounts for them, and distribute the money among themselves. This money is then converted to dollars and moved abroad. It is crucial for Nigerians to understand that the situation is far more complicated than it appears; it is a major crisis.
He cited a case involving a 22-year-old who was arrested with a turnover of 5 billion Naira in just 18 months, despite having no legitimate means of income. The investigation revealed that this individual was laundering money for politically exposed persons. The case is currently under investigation, and this suspect is in custody at one of the EFCC’s facilities.
Oluku noted that the perception of these individuals—often dismissed as "Yahoo boys” engaging in minor scams—needs to change. The scale of their operations is significant. He also addressed the ongoing investigation into the controversy surrounding CryptoBridge Exchange (CBEX), stating that the EFCC has made progress, including several arrests and the recovery of funds.
"We have made considerable progress with CBEX, recovering a substantial amount of money, although it's primarily in crypto wallets, which makes tracing difficult. We are continuing to investigate several wallets and pursuing individuals we have declared wanted," Oluku explained.
He warned that Nigerians should remain vigilant, as some perpetrators are still active in the system, and people continue to fall victim to these scams. This situation sheds light on the troubling reality: while politicians speak about solutions, they often contribute to the problems, especially in relation to the Yahoo boys.
It is disheartening to witness such circumstances. A 22-year-old with a turnover of 5 billion Naira in just 18 months raises serious questions about our society. Many individuals have dedicated their lives to serving the country but have not accumulated even 3 million Naira in their accounts. The contrast is staggering and disheartening.
While in the past, the scams involved small amounts, the scale has now dramatically increased, leading to more significant fraud. The situation calls for urgent attention, especially from the EFCC. Addressing these issues is not just necessary; it is imperative for the well-being of the nation.
