EFCC raises alarm, says politicians now using Yahoo boys for money laundering

The Economic and Financial Crimes Commission (EFCC) has raised alarm, saying Politically-Exposed Persons (PEPs) in Nigeria are using the internet fraudsters, popularly known as yahoo-yahoo boys, for money laundering.

It also said the young internet fraudsters have brought national shame to Nigeria in the eyes of international communities, stressing that their nefarious activities have made immigration officers around the world to see every Nigerian as a criminal.

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EFCC Chairman, Mr Ola Olukoyede, made this known in a video posted on the Commission’s official social media page, where he described the situation as a major crisis threatening Nigeria’s image and economy.

I want Nigerians to know that we are having a crisis on our hands. It’s actually a crisis situation,” he said.

“These guys, some of them are into banditry. We have evidence. We have proof to prove that. Some of them are into kidnapping.”

He warned that internet fraud is no longer just about duping foreign victims but has now become a network linked to wider criminal activities and high-level corruption.

“When they steal government money in billions now, they give it to all these boys. They open cryptocurrency wallet, crypto wallet, and they put the money there. From there, the money goes abroad,” he said.

He disclosed that a 22-year-old suspect, who has never worked in his life, had over N5 billion in his account within just 18 months.

As a matter of fact, there was a 22-year-old boy that we arrested. Within 18 months, we saw a total of over N5 billion in his account. The young boy has never worked in his life. He has no legitimate use of life,” the EFCC boss said.

Olukoyede lamented that fraud has taken root even in schools, with students abandoning education to pursue criminal lifestyles.

“In secondary schools, you see them in hotels. In hotels, in groups, trying to scam people. You see secondary school students driving vehicles,” he said.

He also said some of the suspects use fetish objects and employ girls to assist them in their fraudulent activities.

What they are doing is not just ‘Yahoo’, they are also involved in mega cybercrimes,” he said.

He called on Nigerians to support the Commission’s work and help redirect the minds of the youth towards honest living.

“So let’s not support them. Let them work with us. Let us serve the lives of these, our young ones,” he said.