Politicians now launder billions through Yahoo boys – EFCC
ABUJA – The Economic and Financial Crimes Commission, EFCC, has revealed that politically exposed persons, PEPs, in Nigeria are using internet fraudsters, popularly known as ‘yahoo-yahoo boys,’ to launder billions of naira in stolen public funds into offshore accounts.
EFCC chairman, Ola Olukoyede, who disclosed this at a briefing in Abuja yesterday, said the involvement of politicians in these illicit activities highlights systemic corruption within Nigeria’s political and governance systems.
He said investigations had uncovered how PEPs collaborate with fraudsters to open cryptocurrency wallets and transfer stolen funds abroad to purchase luxury items, such as cars and houses.
Olukoyede stated: “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 hotels, and the boys open accounts for them to take the money abroad.”
The EFCC chairman also expressed concern over the growing criminal activities of the fraudsters, which now extend beyond cybercrime, to include banditry, kidnapping and ritual killings.
He noted that when their scams failed, they resorted to violent crimes, further endangering the safety and security of Nigerians.
“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,” Olukoyede explained.
In addition to their criminal exploits, Olukoyede lamented that the activities of these fraudsters had brought national shame to Nigeria, tarnishing the country’s reputation on the global stage.
He revealed that Nigerians travelling abroad were often subjected to heightened scrutiny by immigration officers due to the notoriety of the cybercriminals.
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.”
Olukoyede also highlighted the alarming involvement of young Nigerians in these crimes, attributing it to a lack of belief in hard work and the allure of quick wealth.
He said the EFCC recently arrested a 22-year-old who had laundered over ¦ 5 billion for politically exposed persons within 18 months, despite having no prior legitimate employment.
“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 revealed.
The EFCC chairman called on Nigerians to view the fraudsters beyond just cybercriminals, warning that their activities posed a significant threat to the nation’s future.
He stressed the need for collective action to address the root causes of these crimes, including unemployment and the erosion of moral values among the youth.
“Are those the people we want to hand Nigeria over to? Is that the nation we want to build?” he asked.
Olukoyede also commended the EFCC’s recent successes, including the recovery of over ¦ 365.4 billion and the securing of 4,111 convictions in 2024. He attributed these achievements to the dedication and professionalism of the agency’s staff and pledged to surpass these records in the coming year.