Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC) says Nigerian politicians are now using internet fraudsters, commonly known as ‘Yahoo-Yahoo boys,’ to launder billions of naira in stolen public funds into offshore accounts.
Olukoyede made the revelation during a press briefing in Abuja on Monday, stating that the complicity of politicians in these illegal transactions further exposes the deep-rooted corruption in Nigeria’s political and governance systems.
According to Olukoyede, investigations have shown how politicians are colluding with internet fraudsters to create cryptocurrency wallets through which looted funds are funneled abroad for the acquisition of luxury assets, including exotic cars and high-end properties.
He 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.”
Olukoyede also expressed alarm over the evolving nature of the fraudsters’ activities, warning that many have expanded their criminal operations beyond cybercrime to include violent crimes such as kidnapping, banditry, and ritual killings.
“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 said.
The EFCC chairman further lamented the damage being done to Nigeria’s international reputation by the actions of these fraudsters. He noted that Nigerian travellers are now subject to heightened suspicion and scrutiny at foreign airports due to the global notoriety of internet scams.
“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 said.
Olukoyede decried the increasing number of Nigerian youths engaging in financial crimes, attributing it to a disillusionment with hard work and the lure of fast money.
He cited a recent arrest as evidence of how deeply entrenched this culture has become.
“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,” he said.
He urged Nigerians to stop viewing Yahoo boys as mere online scammers, insisting that their activities constitute a grave danger to the future of the nation.
“Are those the people we want to hand Nigeria over to? Is that the nation we want to build?” he asked.
Olukoyede also highlighted the agency’s achievements in the fight against financial crimes, noting that in 2024 alone, the EFCC secured 4,111 convictions and recovered over ₦365.4 billion. He attributed these milestones to the commitment and integrity of the commission’s personnel and pledged to build on the momentum in the year ahead.
