Politicians Now Using Yahoo Boys for Money Laundering, EFCC Reveals
The Economic and Financial Crimes Commission (EFCC) has disclosed a disturbing trend where Nigerian politicians are increasingly using internet fraudsters, popularly known as "Yahoo boys," to launder stolen public funds.
According to EFCC chairman Ola Olukoyede, these Politically Exposed Persons (PEPs) employ Yahoo boys to move illicit money abroad through cryptocurrency wallets and other digital means, often buying luxury assets such as cars and houses.
Olukoyede described the situation as a significant crisis that tarnishes Nigeria’s international reputation and fuels insecurity. He noted that some Yahoo boys have escalated their criminal activities to violent offenses like banditry and kidnapping when online scams fail.
A highlighted case involved a 22-year-old with no formal employment who managed over ₦5 billion in transactions within 18 months, laundering money for high-ranking officials.
The EFCC is intensifying its efforts to combat this nexus of corruption and cybercrime, aiming to recover stolen assets and restore public trust.
Source: Daily Post
