The Economic and Financial Crimes Commission has revealed a disturbing trend where politicians are increasingly collaborating with internet fraudsters to steal public funds and transfer billions of naira to offshore accounts for personal enrichment.
EFCC Chairman Ola Olukoyede made this shocking disclosure during a briefing in Abuja on Monday, outlining how the commission’s investigations have uncovered sophisticated money laundering schemes involving Politically Exposed Persons and cybercriminals working in tandem to defraud the Nigerian state.
According to Olukoyede, these politicians exploit internet fraudsters’ technical skills to circumvent traditional banking systems and move stolen funds abroad through cryptocurrency platforms. The stolen money is then used to purchase luxury assets including expensive vehicles and properties in foreign countries.
“When they (politically exposed persons) steal money in billions, they give it to these boys, they open crypto wallets, and from there, the money goes abroad,” Olukoyede explained. “Most of these politically exposed persons identify these boys, lodge them in hotels, and the boys open accounts for them to take the money abroad.”
The EFCC chairman described these findings as evidence of systemic corruption within Nigeria’s political and governance structures, highlighting how public officials have adapted to modern technology to facilitate their illicit activities while evading detection by traditional financial monitoring systems.
Beyond the financial crimes, Olukoyede expressed grave concerns about the evolution of internet fraudsters into violent criminals when their cyber schemes fail to generate expected returns. He warned that many of these individuals have diversified into banditry, kidnapping, and even ritual killings, creating additional security challenges for the country.
“The most dangerous aspect of it is not just about yahoo-yahoo; some of these guys are into banditry and kidnapping. When they don’t see people to scam on time, they resort to these vices,” Olukoyede stated.
The anti-corruption chief also lamented the international embarrassment caused by the activities of internet fraudsters, noting how their actions have damaged Nigeria’s global reputation and subjected ordinary citizens to increased scrutiny when traveling abroad.
“If you travel abroad with your green passport and stand in the queue among so many people, you will discover that by the time you present the passport, the people (immigration officers) will look at you with some reservation,” he said. “That is, if they don’t take you aside to carry out some special scrutiny. That is a national shame that some young Nigerians (yahoo-yahoo boys) have caused for us.”
The revelations underscore the EFCC’s ongoing efforts to combat corruption and cybercrime while highlighting the need for stronger measures to prevent the collaboration between corrupt politicians and internet fraudsters in looting public resources.
