Abuja – The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed a disturbing trend of collaboration between politically exposed persons (PEPs) and internet fraudsters, commonly referred to as Yahoo boys, in laundering public funds.
Speaking during a press briefing at the EFCC headquarters in Abuja, Olukoyede disclosed that investigations show some politicians now use the cybercriminals to funnel stolen billions through cryptocurrency wallets, enabling discreet international transfers and purchases of luxury assets abroad.
“When they (PEPs) steal money in billions, they give it to these boys,” Olukoyede said. “The boys open crypto wallets, and from there, the money goes abroad to buy cars, houses, and other items.”
The EFCC boss said one 22-year-old suspect arrested by operatives had laundered over ₦5 billion within just 18 months, despite having never held any legitimate employment. “He laundered money for politically exposed people,” Olukoyede stated.
The EFCC chairman warned that the activities of Yahoo boys have gone far beyond online scams, revealing that many are now involved in ritual killings, kidnapping, and banditry. “When they don’t see people to scam, they resort to violent crimes,” he said. “These are not just fraudsters anymore. They’ve become part of a broader criminal enterprise.”
He decried the national embarrassment caused by the global reputation of Nigerian citizens as fraud suspects, largely due to the actions of Yahoo boys. “When you travel with a Nigerian passport, immigration officers across the world look at you with suspicion,” he lamented. “Sometimes they pull you aside for extra scrutiny. It’s a shame we are dealing with.”
Olukoyede further expressed concern about the growing culture of wealth without work among Nigerian youth. “We see teenagers driving luxury cars and living in hotels, idolized for criminal wealth. Education is no longer respected,” he said, adding that even students in some secondary schools now skip classes to chase fast money.
The EFCC boss warned Nigerians to recognize that internet fraud has evolved into a sophisticated money-laundering network for corrupt elites. “Don’t just see them as Yahoo boys anymore; they are part of a dangerous web of financial crimes.”
He called for national reflection, stressing that hard work and integrity must be restored as core values, especially among the youth.
