The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed how suspected internet fraudsters, popularly known as Yahoo boys, stole more than N7.2 million from the bank account of a serving judge in the middle of the night, describing the incident as a clear reminder that cybercrime poses a serious threat to all Nigerians.
Olukoyede disclosed this while speaking at the public presentation of two books written by retired High Court judge, Justice Alaba Omolaye-Ajileye. He used the incident to stress the need for stronger collaboration among law enforcement agencies, the judiciary, lawmakers and members of the public in the fight against financial crimes.
According to the EFCC chairman, the serving judge contacted him around 1 a.m. after her mobile phone began receiving multiple debit alerts from her bank account.
He said the judge was distressed as the money had been saved over several years to sponsor her child’s education abroad.
Olukoyede explained that before she reached out for help, more than N7.2 million had already been withdrawn from the account by the suspected fraudsters.
Recalling the incident, he said the judge told him the money represented six years of savings.
“She had just been scammed of the money she had been putting together for six years to send her child to school,” Olukoyede said.
The EFCC boss added that the incident happened in a state where the commission had been restrained by a court order from investigating certain financial crimes, a development he suggested could have slowed the agency’s operations.
However, he said the judge insisted that urgent action had to be taken despite the legal challenges.
Quoting the judge, Olukoyede said she pleaded: “No, no, no! This is an exception. You must do something immediately!”
The EFCC chairman said the commission immediately swung into action by tracing the movement of the funds and working with relevant institutions to stop further transfers.
According to him, the agency was able to recover the entire amount before the close of business that same day.
“Before 6 p.m., we recovered the entire money for her,” he said.
Olukoyede said the experience reinforced the importance of taking cybercrime seriously, warning that internet fraud affects not only wealthy individuals or businesses but also ordinary citizens and even public officials.
He noted that many Nigerians only appreciate the dangers of cybercrime after becoming victims themselves.
“When you become a direct victim, that is when you’ll know that something has to be done,” he said.
The EFCC chairman urged Nigerians to remain vigilant while carrying out financial transactions and advised account holders to promptly report suspicious activities to their banks and security agencies.
He also called for stronger cooperation among law enforcement agencies, financial institutions, the judiciary and members of the public to improve the country’s response to cybercrime.
According to him, criminals are increasingly using sophisticated technology to carry out online fraud, making it necessary for security agencies to improve their investigative tools and methods.
Olukoyede also urged the National Assembly and legal experts to review existing laws to accommodate the use of artificial intelligence (AI) in criminal investigations.
He argued that advances in technology have created new opportunities for detecting and investigating crimes, but current legal frameworks have not kept pace with these developments.
The EFCC chairman said one of the major challenges investigators face is the difficulty of presenting AI-generated evidence in court because existing laws do not clearly recognise such evidence.
“I wish our legislators and professors of law will take time and come together to look at this area and come up with laws that will help us in the area of AI,” he said.
He explained that updating the country’s legal framework would strengthen the ability of anti-corruption agencies and other security organisations to investigate complex financial crimes and secure successful prosecutions.
Cybercrime has remained one of Nigeria’s biggest security and economic challenges in recent years. Internet fraud, identity theft, online banking scams and other digital crimes have resulted in billions of naira in losses for individuals, businesses and government institutions.
The activities of internet fraudsters, popularly known as Yahoo boys, have also damaged Nigeria’s international image and prompted increased efforts by the EFCC and other security agencies to arrest and prosecute those involved.
The commission has in recent years intensified raids on suspected cybercrime hideouts across several states, leading to the arrest of hundreds of suspects and the recovery of cash, luxury vehicles, electronic devices and other assets believed to be proceeds of crime.
Despite these efforts, security experts have continued to advocate stronger laws, improved digital security and greater public awareness to reduce online fraud.
At the same event, former Attorney-General of the Federation and Minister of Justice, Kanu Agabi (SAN), also spoke on the fight against corruption.
Agabi urged anti-corruption agencies to intensify efforts to recover public funds stolen from Nigeria and hidden in foreign countries.
He stressed that recovering stolen assets should remain a major priority in the country’s anti-corruption campaign, noting that such funds could be redirected towards infrastructure, education, healthcare and other critical sectors.