Yahoo Boys Blocking Foreign Investors from Nigeria – EFCC Chairman

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the damaging impact of internet fraud perpetrated by Nigerian youths—popularly known as Yahoo Boys—on the country’s international image and investment climate.

In a statement released by the EFCC on Monday, Olukoyede, represented by the Acting Zonal Director of the Benin Zonal Directorate, Assistant Commander of the EFCC 1, ACE I Effa I. Okim, spoke at an event held at Unity Hall, Government House, Asaba, Delta State.

“The menace of internet fraud among our youth is pervasive and it is a stain on us as a people and as a nation. They have embraced this crime to the detriment of their future and the image of the nation,” he said.

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According to him, the activities of Yahoo Boys are not only tarnishing Nigeria’s reputation abroad but also blocking foreign investors from engaging with the country. He noted that this cybercrime culture discourages investment, reduces investor confidence, hampers economic growth, stifles creativity among young people, and contributes to the collapse of industries.

Olukoyede urged youths to abandon internet fraud and embrace their potential for legitimate success, stating:

“Our youths are vibrant, forward-looking, resilient, creative, and intelligent—who can hold their own in any part of the world.”