EFCC spokesman, Wilson Uwujaren announced the operation in a statement on Friday.
The alleged scammers were apprehended at Alapata and Awotan areas of Ibadan.
The suspects, mostly undergraduates, were nabbed following intelligence on their alleged involvement in internet-related crimes.
Fraudulent documents and other instruments allegedly used in committing the crimes were recovered.
Uwujaren said a Toyota Corolla, sophisticated phones and laptops were also seized by operatives.
The suspects will be charged to court at the completion of investigations.
The Economic and Financial Crimes Commission is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud and money laundering.