EFCC Recovers Over N156 Billion from Yahoo Boys, Others in 1 Year

The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said the agency recovered N156,276,691,242.30 in the last one year.

He disclosed this on Wednesday during the launch of the commission’s zero-tolerance club at the University of Abuja, where he was represented by Mohammed Hammajoda, the commission’s secretary,

Olukoyede shared that the funds were recovered between May 29, 2023, and May 29, 2024.

He said the agency also recovered other currencies including $43.8 million and £25,365, among others. During this period, the commission also secured 3,175 convictions.

EFCC Chairman, Ola Olukoyede

EFCC Chairman’s Warning

Despite these achievements, Olukoyede expressed serious concerns about the growing involvement of young people, especially students, in internet fraud, commonly known as ‘Yahoo Yahoo’.

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“Hundreds of suspects are arrested monthly, with many of them ending up in jail,” he said, highlighting the severity of the issue.

Olukoyede strongly advised the students at the University of Abuja to steer clear of internet fraud.

“A conviction for fraud is a burden that will leave a life-long scar on the fortunes of these youths,” he noted, urging them to avoid justifying fraudulent acts as a display of creativity or intelligence.

He encouraged the students to channel their energies into positive and productive endeavours, rather than falling into the trap of cybercrime.

“As students, you are expected to channel your creative energies into useful engagements and not get entangled in cheating others of their resources,” Olukoyede urged, hoping to inspire a change in mindset among the Nigerian youth.

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