EFCC Chairman Olukoyede Reveals How Yahoo Boys Stole N7.2 Million from Judge’s Bank Account

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed how suspected internet fraudsters, popularly known as Yahoo boys, allegedly stole N7.2 million from the bank account of a Nigerian judge, describing the incident as a disturbing example of the growing sophistication of cybercrime in the country.

Speaking during an anti-corruption engagement, Olukoyede said the fraudsters successfully compromised the judge's bank account through cyber-enabled tactics, underscoring the urgent need for stronger digital security and increased public awareness. He noted that the incident demonstrates that no one, regardless of status or profession, is immune from the activities of cybercriminals.

The EFCC boss warned that internet fraud has evolved beyond conventional online scams, with many syndicates now deploying advanced technological methods to target individuals, financial institutions, and government agencies. He stressed that the commission remains committed to tracking down cybercriminals and dismantling the networks that enable their operations.

Olukoyede further lamented that the activities of Yahoo boys have damaged Nigeria's international reputation, making genuine Nigerian travellers and businesspeople face heightened scrutiny abroad. He added that investigations have also uncovered links between some cybercriminals and other serious offences, including money laundering and organized financial crimes.

According to him, the EFCC has intensified intelligence gathering, surveillance, and sting operations across the country, leading to the arrest of hundreds of suspected internet fraudsters in recent months. He assured Nigerians that the commission would continue to strengthen collaboration with financial institutions, law enforcement agencies, and technology experts to combat cybercrime.

Olukoyede urged Nigerians to remain vigilant by protecting sensitive banking information, enabling security features on their financial accounts, and promptly reporting suspicious online activities to the appropriate authorities.

The EFCC reiterated that combating cybercrime requires a collective effort involving government agencies, financial institutions, technology companies, parents, schools, and the public to safeguard Nigeria's digital economy and restore confidence in the country's financial system.