The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised the alarm over a growing trend in which politically exposed persons (PEPs) in Nigeria are allegedly using internet fraudsters, popularly known as Yahoo boys, as conduits for laundering public funds.
Speaking during a press briefing at the EFCC headquarters in Abuja, Olukoyede revealed that many Nigerian politicians now rely on young cybercriminals to move illicit funds, particularly through cryptocurrency wallets, in a bid to evade financial scrutiny.
According to him, the EFCC has uncovered disturbing evidence showing that corrupt politicians are recruiting these fraudsters to open digital wallets and offshore accounts through which stolen public funds are funneled abroad to acquire luxury assets.
“When they (PEPs) steal billions, they hand it over to these boys. The boys open crypto wallets and move the money overseas,” Olukoyede said.
“They buy cars, houses, and other luxury items with stolen wealth. We must start to look at them beyond just being Yahoo boys.”
He said one 22-year-old suspect arrested by EFCC had a staggering turnover of N5 billion within just 18 months, despite having no legitimate job history.
“We arrested a 22-year-old who had over N5 billion in transactions. He laundered money for politicians. This is someone who has never worked a day in his life. These boys are now part of a grander scheme to loot Nigeria’s commonwealth,” Olukoyede stated.
The EFCC boss also linked Yahoo boys to more violent crimes, including kidnapping, ritual killings, and banditry, saying their operations have expanded far beyond online fraud.
“It’s no longer just about internet scams. When they can’t find people to defraud online, some of them resort to kidnapping and other forms of violent crime. That’s how dangerous the trend has become,” he said.
Olukoyede decried the national embarrassment caused by the criminal activities of these youths, noting that the global reputation of Nigerians is at stake.
He shared his personal experience of being subjected to special scrutiny at international airports because of the stigma now attached to the Nigerian green passport.
“Everywhere we go, we are viewed with suspicion. Immigration officers now treat Nigerian travellers with caution because of what these young men have done,” he lamented.
He expressed concern that the glamorization of fraud and sudden wealth is crippling the moral fabric of the nation and undermining the value of education and hard work.
“In some secondary schools, students are seen driving expensive cars. In hotels, they cluster in groups, planning how to scam others. Is this the kind of country we want to build?” Olukoyede queried.
He called for a nationwide reassessment of values and urged Nigerians to understand the broader implications of internet fraud on national security, economic stability, and the country’s international image.
“This is a crisis. The traditional way of looting is evolving, and we must be vigilant,” he warned.
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