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.
This shocking disclosure was made during a media briefing at the EFCC headquarters in Abuja on Monday by the commission’s chairman, Ola Olukoyede.
Olukoyede, who has spearheaded the agency’s anti-corruption efforts since assuming office, emphasised that the involvement of politicians in these illicit activities highlights systemic corruption within Nigeria’s political and governance systems.
He disclosed that investigations have uncovered how PEPs collaborate with these 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 these fraudsters, which now extend beyond cybercrime to include banditry, kidnapping, and ritual killings. He noted that when their scams fail, they resort 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 have brought national shame to Nigeria, tarnishing the country’s reputation on the global stage.
He revealed that Nigerians travelling abroad are often subjected to heightened scrutiny by immigration officers due to the notoriety of these 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 disclosed that 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 these fraudsters beyond just cybercriminals, warning that their activities pose 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.
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