…Olukoyede Says Internet Fraudsters Now Aid PEPs, Involved in Kidnapping, Rituals
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over an emerging trend where politically-exposed persons (PEPs) in Nigeria now use internet fraudsters—popularly known as Yahoo Boys—for money laundering.
Olukoyede made the revelation during a press briefing at the EFCC headquarters in Abuja, where he also lamented the growing reputational damage caused by the activities of these fraudsters to Nigeria’s image globally.
He disclosed that investigations by the commission have shown that corrupt politicians are increasingly using Yahoo Boys as conduits to siphon public funds through cryptocurrency wallets and international transactions, which are later used to acquire luxury properties and other illicit assets abroad.
“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,” Olukoyede said. “Most of these politically exposed persons identify these boys, lodge them in hotels, and use them to move funds meant for the commonwealth.”
The anti-graft boss cited a recent case where a 22-year-old internet fraudster, who had never held formal employment, was arrested with a turnover of over N5 billion in just 18 months. According to him, the suspect was primarily laundering money for powerful politicians.
“These boys are not just involved in cyber fraud anymore. They are into ritual killings, kidnapping, and even banditry. When they can’t find people to scam, they resort to violent crimes,” he said.
Olukoyede warned that the EFCC’s findings suggest that Yahoo Boys now pose a national security threat and must be treated as such. He expressed concern that their actions have brought international shame to Nigeria, making legitimate Nigerians abroad suffer unwarranted suspicion.
“If you travel with a Nigerian passport, especially the green one, you are treated with suspicion in many countries. Immigration officers scrutinize Nigerians more than any other nationals because of the activities of these boys,” he lamented.
He called on Nigerians to look beyond the surface when it comes to Yahoo Boys, stressing that they are not just young men involved in online fraud, but tools used by the elite to loot public resources and undermine the economy.
Olukoyede also decried the erosion of values among the youth, blaming part of the Yahoo culture for the declining interest in education and honest labor. “In the school I attended, by 12 noon, students are already out on the streets,” he said, reflecting on the current state of educational commitment.
The EFCC chairman urged stakeholders to take collective responsibility in fighting cybercrime, warning that the traditional patterns of corruption and theft have evolved, with tech-savvy criminals now playing central roles in money laundering, criminal violence, and weakening Nigeria’s global standing.
