The Economic and Financial Crimes Commission (EFCC) has raised serious concerns about a growing collaboration between Nigerian politicians and internet fraudsters, commonly known as “Yahoo boys,” to launder stolen government funds.
EFCC Chairman Ola Olukoyede revealed in a recent statement that Politically-Exposed Persons (PEPs) are increasingly using these young fraudsters as conduits to move billions of naira through cryptocurrency wallets, sending illicit funds abroad. This alarming trend, he said, is severely damaging Nigeria’s international reputation and economy.
Olukoyede described the situation as a “crisis” that threatens the country’s image globally. He noted that the activities of Yahoo boys have led to Nigerians being unfairly viewed as criminals by immigration officials worldwide.
Highlighting the scale of the problem, the EFCC boss cited the case of a 22-year-old suspect who, despite never having held a legitimate job, had over N5 billion in his account within 18 months. He also warned that fraud is now deeply entrenched even among secondary school students, some of whom are abandoning education for criminal lifestyles.
The EFCC further disclosed that these fraudsters are not only involved in internet scams but also linked to more serious crimes such as banditry and kidnapping. Some suspects reportedly use fetish objects and recruit young women to assist in their schemes.
Chairman Olukoyede called on Nigerians to support the EFCC’s efforts and help steer the youth away from fraudulent activities towards honest living.
“This is not just about ‘Yahoo’ anymore; it’s about mega cybercrimes and high-level corruption,” he said.
The EFCC’s warning comes amid rising concerns over the impact of cybercrime on Nigeria’s social fabric and economic development, emphasizing the urgent need for collective action to curb this menace.
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