ABUJA – The Economic and Financial Crimes Commission (EFCC) has disclosed that some Nigerian politicians are collaborating with internet fraudsters, commonly known as “Yahoo boys,” to launder massive amounts of looted public funds to foreign accounts.
EFCC Chairman, Ola Olukoyede, made this known during a press briefing in Abuja, emphasizing how the complicity of politically exposed persons (PEPs) in these schemes reflects deep-rooted corruption in Nigeria’s leadership and governance structures.
According to Olukoyede, investigations have shown that PEPs work with cybercriminals to set up cryptocurrency wallets through which stolen funds are transferred abroad and used to acquire expensive assets like luxury vehicles and properties.
“When they embezzle billions, they pass the funds to these young men who use crypto wallets to move the money offshore,” Olukoyede said. “These politicians often lodge the fraudsters in hotels, where they help them open accounts and channel the stolen wealth abroad.”
He also raised alarm over the increasingly dangerous activities of these fraudsters, who, he said, now engage in violent crimes like kidnapping, ritual killings, and banditry especially when cyber scams fail.
“It’s not just online scams anymore,” he explained. “When they can’t defraud anyone, they resort to violence.”
Olukoyede lamented the damage these crimes have done to Nigeria’s global image. He pointed out that Nigerians are now subjected to suspicion and extra screening at international borders due to the infamy of cybercrime.
“Traveling with a Nigerian passport has become a source of embarrassment,” he said. “You’re often singled out for further checks simply because of the reputation created by these fraudsters.”
He further revealed that many of those involved are very young. In one shocking case, the EFCC arrested a 22-year-old who had moved over ₦5 billion in 18 months, all on behalf of politically connected individuals—despite never having held a formal job.
Olukoyede warned that these young fraudsters represent a serious threat to Nigeria’s future, and he urged citizens not to view them merely as petty internet scammers but as a growing menace to national development.
“Are these the kinds of people we want leading Nigeria in the future?” he asked. “We need to act now, as a society, to address the root causes like unemployment and eroded values.”
He concluded by highlighting EFCC’s recent accomplishments, which include recovering over ₦365.4 billion and securing 4,111 convictions in 2024. He praised the commitment of EFCC personnel and pledged to build on this momentum in the coming year.
