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Home Cybercrime

EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

Oluwatosin Adeyemi by Oluwatosin Adeyemi
February 24, 2025
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EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

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The Economic and Financial Crimes Commission (EFCC) on Friday announced the repatriation of $120,548.43 and N70.6 million to foreigners defrauded by Yahoo Boys. A chunk of the victims were American, Spanish and Swiss citizens.

EFCC said the restitution of ill-gotten funds was “a gesture of its commitment to tackling economic and financial crimes,” according to a statement released on Friday.

Read also: EFCC repatriates $120,000, N70.6 million to U.S., Spanish citizens scammed by Yahoo Boys

EFCC burnishes

Olukoyede affirmed that the money transfer was consistent with the nation’s federal laws and crackdown on financialcrimes.

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“We are doing this to demonstrate to the countries involved that it is within the confines of an international treaty, legal process, and convention,” he stated.

Appeal to other countries to reciprocate 

He went on to say that it was imperative that recovered assets be returned as soon as possible and urged other countries to do the same for Nigeria.

On behalf of the victims, Olukoyede made this plea on Friday in Abuja when the recovered assets were turned over to the US, Swiss, and Spanish embassies.

Read also: FBI traces Bobo Chicago’s $2.8m scam to African Shrine; Wale Ogundana’s nightclub licence revoked

“Once properties or assets are recovered on behalf of a country, it is important to expedite action for restitution. We are demonstrating this to the world, and we expect that the rest of the world will also reciprocate the same gesture towards Nigeria,” he added.

According to the head of the EFCC, countries that keep withholding assets compromise international justice.

“We are using this opportunity to appeal to those countries that are holding the proceeds of crimes recovered on behalf of Nigeria not to continue to sit on those assets,” he said.

He added that a nation is considered an accessory to financial crimes under legal frameworks if recovered assets are not returned.

“The assets were properties of Nigeria. Within the purview of the law, a recipient of proceeds of crime that sits over it is an accessory to the crime,” Olukoyede stated.

“Once proceeds of crime are recovered, the most responsible thing to do is to restitute the victims,” he emphasised.

Tags: EFCCYahoo Boys
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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