Politicians in Nigeria are now partnering with internet fraudsters to launder billions using cryptocurrency, according to EFCC Chairman.
He warned that this trend threatens the nation’s security and reputation.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that several politically exposed persons (PEPs) in Nigeria are now working hand-in-hand with internet fraudsters, commonly referred to as “yahoo boys,” to move stolen public funds out of the country.
Speaking during a press briefing held at the EFCC headquarters in Abuja on Monday, Olukoyede explained that this alarming trend has become one of the preferred methods for laundering billions of naira. According to him, investigations have revealed that some top political figures are collaborating with these young cybercriminals to move large sums of money abroad using cryptocurrencies.
“When they steal public funds in billions, they hand it over to these boys. The boys open cryptocurrency wallets and use them to transfer the money outside Nigeria,” he explained. “From there, it is used to buy expensive cars and luxury houses overseas.”
He went on to add that many of these politicians do not deal with the transactions directly. Instead, they host the fraudsters in hotels where they operate behind closed doors. The criminals then create new accounts and wallets used for these international transactions.
Olukoyede raised further concern about how the activities of these fraudsters have gone beyond online scams. He revealed that many of them are now involved in violent crimes such as kidnapping, banditry, and ritual killings. He noted that these criminals often resort to more dangerous actions when their internet scams fail.
“It is no longer just about internet fraud. Some of these boys have taken to other crimes. When they can’t find victims to scam, they turn to kidnapping and other violent crimes,” he stated.
The EFCC chairman warned that the damage being caused by these activities is not only economic but also deeply reputational. He lamented how Nigerians are now being treated with suspicion abroad because of the country’s image being tainted by cybercrime.
“If you are travelling outside Nigeria and present your green passport at immigration, many officers already look at you with suspicion. Sometimes, they pull you aside for extra checks, just because of what some of these young men have done to our image.”
He also spoke about the mindset of many young Nigerians, especially those who now see hard work as unnecessary. Olukoyede cited a recent case where a 22-year-old was arrested for laundering over ₦5 billion on behalf of some politicians within just 18 months. The suspect had never worked in any formal capacity before then.
“We arrested a 22-year-old who moved more than ₦5 billion for highly placed individuals. This is someone who had never earned a salary or held a job before. That tells you the level of danger we are facing,” Olukoyede noted.
He urged Nigerians not to dismiss these internet fraudsters as mere scammers but to see them as a real threat to the country’s future. He stressed the importance of confronting the deeper issues, such as youth unemployment and declining moral values, which are fueling the growth of such crimes.
“Are these the kinds of people we want to entrust the future of Nigeria to? Is this the nation we truly want to build?” he asked passionately.
Despite the challenges, Olukoyede praised the efforts of the EFCC staff. He shared that in the year 2024 alone, the agency recovered more than ₦365.4 billion and secured over 4,100 convictions. He added that the commission remains committed to exceeding those accomplishments in the year ahead.
