The Economic and Financial Crimes Commission (EFCC) has raised alarm over a disturbing new trend where politically exposed persons (PEPs) in Nigeria are working with internet fraudsters, popularly known as “Yahoo boys,” to secretly move billions of naira in stolen public funds to foreign bank accounts.
The EFCC chairman, Ola Olukoyede, made this known during a media briefing held in Abuja. He said the agency has uncovered how some politicians are teaming up with young online scammers to shift massive amounts of looted money out of Nigeria. These transactions are often carried out through cryptocurrency wallets, which are harder to trace.
Olukoyede explained: “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.”
He noted that the fraudsters are often hosted in expensive hotels, where they help politicians create crypto accounts used to transfer stolen money. Some of the funds, he said, are used to buy luxury items like cars and expensive properties overseas.
Beyond financial crimes, Olukoyede expressed concern that many Yahoo boys are now involved in other dangerous activities such as kidnapping, banditry, and even ritual killings. When they cannot scam people online, he said, they often turn to violent crimes to make money.
“The most dangerous aspect of it is not just about yahoo-yahoo; some of these guys are into banditry and kidnapping. When they don’t see people to scam on time, they resort to these vices,” he added.
Olukoyede also noted that Nigeria’s image is suffering globally due to the actions of these cybercriminals. Nigerians who travel abroad now face serious scrutiny because of the bad reputation caused by internet fraud.
He said: “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.”
He raised alarm over how some very young Nigerians are playing major roles in this problem. One shocking example, he shared, was the arrest of a 22-year-old who had laundered more than ₦5 billion for politicians within just 18 months — despite never holding any regular job.
“We arrested a 22-year-old; he had a turnover of over ₦5 billion within 18 months. We discovered that he laundered money for politically exposed people. A boy who has never worked in his life,” Olukoyede said.
He warned that these fraudsters are not just internet criminals but represent a bigger threat to Nigeria’s future. He urged citizens to pay more attention to the issue and support efforts to fix the root causes, such as youth unemployment and a growing desire for fast money without effort.
“Are those the people we want to hand Nigeria over to? Is that the nation we want to build?” he asked.
