Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC) on Monday claimed that politicians now use internet fraudsters to steal money and transfer it into offshore accounts.
According to Olukoyede, investigations by the anti-graft Agency had uncovered how Politically Exposed Persons ( PEPs) collaborate with fraudsters to open cryptocurrency wallets and transfer stolen funds abroad to purchase luxury items, such as cars and houses.
He added that politicians’ illicit activities highlight systemic corruption within Nigeria’s political and governance systems.
In his words, “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 persons identify these boys, lodge them in hotels, and the boys open accounts for them to take the money abroad.”
The chairman of the EFCC expressed concern about the increasing criminal activities of fraudsters, stating that these activities have expanded beyond cybercrime to include banditry, kidnapping, and ritual killings.
He highlighted that when their scams are unsuccessful, they often turn to violent crimes, which further jeopardizes the safety and security of Nigerians.
“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 explained.
In addition to their criminal exploits, Olukoyede lamented that the activities of these fraudsters had brought Nigeria national shame and tarnished the country’s reputation on the global stage.
He said: “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.
“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.”