Politicians Team Up With Yahoo Boys For Billions Fraud — EFCC

The Economic and Financial Crimes Commission (EFCC) claims that politicians are increasingly using cyber fraudsters to steal money and move it to offshore accounts.
Ola Olukoyede, the EFCC chairman, said this during a briefing in Abuja on Monday.
He claimed that the politicians’ criminal acts expose systemic corruption in Nigeria’s political and governance structures.

Olukoyede added that the anti-graft Agency’s investigations have revealed how Politically Exposed Persons (PEPs) work with fraudsters to open cryptocurrency wallets and move stolen monies abroad to buy luxury items like as cars and residences.

He said: “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.” Most of these politically exposed individuals identify these lads, place them in hotels, and the boys open accounts for them to transfer the funds abroad.”

The EFCC chairman voiced alarm about the fraudsters’ expanding criminal operations, which now include banditry, kidnapping, and ritual killings.

He observed that when their schemes failed, they turned to violent crimes, jeopardizing Nigerians’ safety and security.

“The most hazardous component of it isn’t only yahoo-yahoo; some of these individuals are involved robbery and kidnapping. “When they don’t see people scamming on time, they turn to these vices,” Olukoyede stated.

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In addition to their criminal acts, Olukoyede regretted that these scammers had caused Nigeria national humiliation and harmed the country’s standing on the global stage.

He stated, “If you fly abroad with your green passport and stand in line with so many other people, you will see that at the time you produce the passport, the folks (immigration inspectors) will look at you with some reservation.

“That is, unless they take you away for extra inspection. That is a national humiliation that certain young Nigerians (yahoo-yahoo lads) have brought upon us.”