The Economic and Financial Crimes Commission (EFCC) has sounded the alarm over a growing alliance between politically exposed persons (PEPs) and internet fraudsters, popularly known as “Yahoo boys,” warning that the trend is fueling large-scale money laundering in Nigeria.
EFCC Chairman Ola Olukoyede revealed the disturbing development in a video shared on the Commission’s official social media platform, describing it as a national crisis that is severely tarnishing Nigeria’s global image and threatening the economy.
“I want Nigerians to know that we are facing a crisis,” Olukoyede stated. “This situation is spiraling out of control.”
According to him, the EFCC has uncovered evidence linking some Yahoo boys to other forms of organized crime, including banditry and kidnapping. He noted that internet fraud has evolved beyond scamming foreign victims and is now deeply intertwined with high-level corruption and criminal networks.
“When public funds running into billions are stolen, they’re handed over to these boys. The money is funneled through cryptocurrency wallets and then moved abroad,” he explained.
Olukoyede recounted the case of a 22-year-old suspect who had over ₦5 billion in his account in just 18 months despite having never held a legitimate job.
“He had no known source of income, no employment history—yet billions passed through his account,” he said.
The EFCC boss also expressed concern over the growing number of young Nigerians abandoning school for cybercrime. He cited disturbing trends where secondary school students are now seen living lavish lifestyles, staying in hotels, and driving expensive cars.
“They are not just doing Yahoo. Some are engaged in more sophisticated cybercrimes. They use fetish items and even recruit girls to assist in their operations,” he added.
Olukoyede appealed to Nigerians to support the EFCC’s efforts and help redirect the energy of the youth towards productive and legal pursuits.
“We need collective action. Don’t celebrate fraud. Work with us to save the lives of these young ones before it’s too late,” he urged.
The EFCC’s warning underscores the urgent need for national attention and cooperation to stem the tide of cybercrime and its growing links to political corruption.
