EFCC: Politicians Now Use Yahoo Boys to Launder Public Funds

Economic and Financial Crimes Commission (EFCC)

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that many Nigerian politicians are now using internet fraudsters, popularly known as Yahoo boys, to launder stolen public funds, especially through cryptocurrency platforms.

Speaking at a press briefing at the EFCC headquarters in Abuja, Olukoyede expressed deep concern over the growing collaboration between politically exposed persons (PEPs) and cybercriminals, warning that the consequences of this alliance are damaging both Nigeria’s global image and national security.

“When these politicians steal billions, they don’t move it themselves. They give it to these Yahoo boys who use crypto wallets to transfer the money abroad, buying cars, houses, and luxury goods,” he said.

Case of 22-Year-Old With ₦5 Billion Turnover

Olukoyede cited a recent case involving a 22-year-old suspect arrested by EFCC operatives. Despite never having held formal employment, the young man had over ₦5 billion in turnover in just 18 months, allegedly laundering funds for influential figures.

“This is someone who has never worked a day in his life, but he’s helping politicians move stolen funds,” the EFCC boss said.

Beyond Cybercrime: Rituals, Banditry, and Kidnapping

Olukoyede warned that many of these fraudsters have evolved beyond online scams, now getting involved in ritual killings, banditry, and kidnapping. He stressed that when these individuals cannot quickly scam victims, they often resort to violent crimes.

“These are not just Yahoo boys anymore. They are now criminals in every sense—some are bandits and kidnappers. That’s how serious it has become,” he said.

National Shame on the Global Stage

Olukoyede also lamented how the activities of internet fraudsters have tarnished Nigeria’s image abroad, making ordinary Nigerians face discrimination at foreign borders.

“Go to any immigration queue abroad and you’ll feel the shame. Once they see your green passport, you’re treated with suspicion. Some are even taken aside for extra screening,” he explained.

He shared personal experiences of being questioned while working with foreign governments to trace and recover assets, noting that some international partners struggle to believe in Nigeria’s commitment to integrity due to these recurring scandals.

“There are things I can’t even defend when I speak with counterparts overseas,” he added.

Moral and Educational Decline

The EFCC chairman also expressed disappointment over the declining value of education and hard work, especially in regions previously known for academic excellence.

“In my home state, education was our pride. But now, secondary schools are empty by noon. Students are out driving flashy cars and idolizing fraudsters. Is this the Nigeria we want to hand over to the next generation?” he asked.

Olukoyede concluded by calling for urgent societal introspection, stating that the nation is facing a serious crisis of values, leadership accountability, and youth orientation.

Daily Trust

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