The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the deepening criminal ties between internet fraudsters, popularly called Yahoo-Yahoo boys, and politically exposed persons.
Speaking during a media briefing on Monday at the EFCC headquarters in Abuja, Olukoyede said some of these fraud$ter$ are now being used to launder stolen public funds.
”Some of them launder money for politically exposed persons. Don’t just see them as yah0o-yah0o boys anymore; the traditional way of stealing money is not applicable anymore,”
He revealed that politicians now use these young men to transfer stolen funds using crypto wallets, after which the money is moved abroad to acquire luxury items like cars and houses.
“We arrested a 22-year-old; he had a turnover of over N5 billion within 18 months. We discovered that he laundered money for politically exposed people. A boy who has never worked in his life,”
Olukoyede stated that many of the fraudsters are being sheltered in hotels by these corrupt individuals, where they are given access to stolen funds to facilitate illegal transactions.
