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Yahoo Boys Now Political Tools! EFCC Exposes Billion-Naira Money Laundering Syndicate
The Economic and Financial Crimes Commission (EFCC) has alleged that some Nigerian politicians are now collaborating with internet fraudsters, commonly known as Yahoo Yahoo boys, to siphon billions of naira into offshore accounts.....KINDLY READ THE FULL STORY HERE▶
EFCC Chairman Ola Olukoyede made this revelation during a press briefing in Abuja on Monday, shedding light on how deep-rooted corruption has infiltrated the political and financial systems of the country.
According to Olukoyede, investigations have exposed how Politically Exposed Persons (PEPs) team up with online fraudsters to create cryptocurrency wallets through which stolen public funds are funneled abroad. These funds are then used to acquire luxurious assets such as high-end cars and real estate.
“When they (PEPs) embezzle billions, they hand it over to these boys who then open crypto wallets to move the money abroad,” he stated.
“Many of these politicians accommodate these fraudsters in hotels and use them to open foreign accounts to launder money.”
Olukoyede further raised concerns about the evolving tactics of internet fraudsters, noting that many of them now engage in violent crimes such as banditry, kidnapping, and ritual killings when their scams no longer yield returns.
“The most dangerous development is that some of these Yahoo boys have moved beyond online scams. When they can’t defraud victims online, they resort to kidnapping and other violent crimes,” he warned.
He also lamented the negative global image these criminals have given Nigeria, recounting how Nigerian travelers often face suspicion and discrimination due to the country’s association with cybercrime.
“Traveling with a Nigerian passport has become a burden. Immigration officers abroad often subject our citizens to extra scrutiny, and this is the embarrassment caused by the activities of a few bad eggs.”
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