EFCC traces over $300,000 laundered money to arrested ‘Yahoo Boy’ suspect

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) has traced money laundering activities in excess of $300,000 (Three Hundred Thousand United States Dollar) to a suspected internet fraudster.

The commission, in a statement on Tuesday, said the suspect was among the 35, picked up on Sunday, May 4, 2025 in Sabo Iyako area of Auchi, Edo State by the Commission, following credible intelligence that linked them to fraudulent internet activities.

“As a “picker” or “azaman” in internet fraud lingo, investigations revealed that the suspect has collected and laundered over $300,000 (Three Hundred Thousand United States Dollars) for his syndicate members who are at large.

“Apart from internet fraud, EFCC’s investigations revealed that the suspect is equally involved in investment and banking fraud,” the statement added.

The commission said the suspect will be charged to court as soon as investigation is concluded.

Meanwhile, the Oba of Lagos, His Royal Majesty, Oba Rilwan Babatunde Osuolale Aremu Akiolu I, has assured the Commission of support and commitment of the state’s traditional institution to the fight against corruption, economic and financial crimes.

He gave the assurance in Lagos, while receiving the Acting Director of the Lagos Zonal Directorate 2 of the EFCC, Ahmad M. Ghali, who led top officers of the Commission on a courtesy visit to his palace.

“Your presence here today is a mark of respect, not only to the traditional institution of Lagos, but to the enduring values of integrity, justice and collaboration. I am pleased to receive you on this critical courtesy visit and to assure you of my fatherly support and wise counsel,” he said.

While commending EFCC’s relentless efforts at rooting out corruption, economic and financial crimes in the society, he noted that the fight against corruption and economic crimes “is a task that demands the strength of institutions, the wisdom of leadership, and the unity of the people.”

He further expressed gratitude to the EFCC for its “efforts at protecting the economic well-being of Lagos State and its environs” and urged the Commission not to relent in its fight to redeem Nigerian youths from the allure of internet fraud.

“The get-rich-quick syndrome is wrong and should be discouraged. Even the two holy books, the Bible and the Holy Quran, frown at it,” he said.

Ghali who expressed gratitude for the royal audience granted to the EFCC delegation, disclosed that the visit was to familiarize with the state’s traditional institution and to formally inform the Lagos paramount traditional ruler of the creation of a new EFCC Directorate in the state: the Lagos Zonal Directorate 2, Okotie-Eboh, Ikoyi, Lagos.

“Your Royal Majesty, I bring warm greetings from the Executive Chairman of the EFCC, Mr. Ola Olukoyede. Today, my team and I consider it most necessary to seek an audience with Your Majesty in full recognition of your fatherly role in the society.

“Beyond this, I am here to formally inform you, as one of our highly respected critical stakeholders, of the creation of the Lagos Zonal Directorate 2 of the EFCC. The new directorate was established to further strengthen our unwavering resolve to combat the menace of economic and financial crimes in this domain,” he said.

While underscoring the vital roles of traditional institutions in building a society free of criminalities and fostering good governance, Ghali regretted that many parts of the state are ‘fast becoming hotbeds of economic and financial crimes.”

According to him, “Almost daily, the Directorate is inundated with credible intelligence about alleged involvements of youths across various parts of the state in cybercrimes. Another grave concern is the increasing number of land fraud cases, which form the bulk of petitions regularly submitted to the Directorate for investigations.”

Ghali appealed for the Oba’s prayers and support in the fight against corruption, economic and financial crimes in the state.

“Ka’biyesi, I am counting on your support because your voice is deeply respected and carries tremendous influence in our society. As a revered king, you are closer to the people than we are, and they are traditionally inclined to listen to your guidance. In view of this, I would like to respectfully draw from your fountain of wisdom, especially as a retired super cop, on how best to navigate the unpredictable landscape of combating economic and financial crimes in this jurisdiction and to flush out non-state actors from their hideouts,” he said.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook