The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the growing threat posed by internet fraudsters popularly known as “Yahoo Yahoo boys,” describing their activities as a multifaceted national security crisis.

In a video interview released by the commission on Monday, Olukoyede disclosed that beyond internet fraud, some Yahoo boys have expanded their criminal operations to include banditry, kidnapping, and money laundering for politically exposed individuals.

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“What Nigerians need to understand is that this is no longer just about online scams. We have verified intelligence and concrete evidence showing that some of these individuals are involved in much more dangerous activities,” Olukoyede said.

He revealed that when internet scams fail to yield results, some fraudsters turn to violent crimes such as kidnapping to sustain their illicit income. Others, he added, serve as financial conduits for corrupt politicians, helping them launder stolen public funds.

The EFCC chairman described the situation as a “national shame,” lamenting the erosion of values among some Nigerian youths who now glorify fraud and reject hard work.

“Some of them no longer believe in legitimate means of livelihood. We are seeing an entire generation that thinks fraud is a career path,” he said.

Olukoyede referenced the recent arrest of over 120 internet fraud suspects by EFCC operatives as evidence of the scale of the issue, adding that the commission’s clampdown on cybercrime would intensify in the coming months.

“This is not a campaign that will end anytime soon. It is a national crisis and we are treating it as such,” he stated.

He urged parents, communities, and civil society to join the fight by discouraging and reporting suspicious behavior, warning that the long-term impact of unchecked cybercrime could cripple the nation’s image and internal security.