Politicians now using Yahoo boys for money laundering – EFCC

The Economic and Financial Crimes Commission (EFCC) says it has uncovered how the Politically-Exposed Persons (PEPs) in Nigeria are using the internet fraudsters, popularly known as yahoo-yahoo boys, for money laundering.

It also said the young internet fraudsters have brought national shame to Nigeria in the eyes of international communities, stressing that their nefarious activities have made immigration officers around the world to see every Nigerian as a criminal.

Ola Olukoyede, the Chairman of the EFCC, who revealed spoke at the commission’s headquarters in Abuja during a press briefing, also said Yahoo boys are now involved in kidnapping, banditry and ritual killings.

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Daily Trust reports that the anti-graft agency’s boss’ concerns came amid growing unemployment rate among youths in Nigeria coupled with influx of Nigerians out of the country popularly called ‘Japa’.

Speaking during the briefing, Olukoyede explained that investigations have revealed that when the PEPs steal commonwealth, they contract the Yahoo boys to help them open wallet and lodge the money.

The EFCC boss said, “When they (politically-exposed persons) steal money in billions, they give it to these boys, they open crypto wallets, and from there, the money goes abroad.

“Most of these politically exposed persons identify these boys, lodge them in the hotel, the boys open accounts for them and take the money abroad to buy cars, houses and other luxury items. Nigerians should look at them beyond just yahoo-yahoo.”

Olukoyede specifically disclosed how the detectives of the agency arrested a 22-year-old boy who specializes in laundering money for politicians and got N5bn as turnover for his “nefarious business”.

Olukoyede said, “We arrested a 22-year-old; he had a turnover of over N5 billion within 18 months. We discovered that he laundered money for politically exposed people. A boy who has never worked in his life.

“They used them to steal government money now. They do ritual killings. They are also involved in cybercrime. You see them in hotels and in groups trying to scam people. You see secondary school students driving vehicles. Are those the people we want to hand Nigeria over to? Is that the nation we want to build?”

Commenting on how the Yahoo boys brought shame to Nigeria and hardworking Nigerians abroad, he said during his interaction with other counterparts in other countries, he discovered that every Nigerian is now seen criminals before immigration officers around the world.

“I want Nigerians to know that we are having a crisis on our hands. If you travel abroad with your green passport and stand in the queue among so many people, you will discover that by the time you present the passport, the people (immigration officers) will look at you with some reservation.

“That is, if they don’t take you aside to carry out some special scrutiny. That is a national shame that some young Nigerians (yahoo-yahoo boys) have caused for us. I go out to interact with my counterpart and other government agencies abroad in the course of tracing money and recovering assets.

“And there are things that it would be difficult for you to defend. We recently arrested groups of young men, and people no longer believe in hard work. I’m from a state where education is our pride. If you go to the secondary school that I attended, by 12 noon, the students have left school,” he said.

According to him, the atrocities of the Yahoo boys are more than cybercrime, alleging that they are involved in banditry and kidnapping when their unsuspecting victims do not cooperate.

He added, “The most dangerous aspect of it is not just about yahoo-yahoo, some of these guys are into banditry, kidnapping. When they don’t see people to scam on time, they resort to these vices.

“Some of them launder money for politically exposed persons. Don’t just see them as yahoo-yahoo boys anymore; the traditional way of stealing money is not applicable anymore.”