The Economic and Financial Crimes Commission (EFCC) claims that politicians increasingly utilize internet fraudsters to steal money and move it to offshore accounts.
Ola Olukoyede, the EFCC chairman, made the announcement at a briefing in Abuja on Monday.
He claimed that the politicians’ illegal conduct exposed 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 acquire luxury items like as vehicles and residences.
He explained: “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 people identify these lads, place them in hotels, and the boys open accounts so they can transfer the money outside.”
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The EFCC chairman also raised alarm about fraudsters’ expanding criminal activities, which now include banditry, kidnapping, and ritual killings.
He observed that when their schemes failed, they turned to violent crimes, putting Nigerians’ safety and security at risk.
“The most hazardous component of it isn’t only yahoo-yahoo; some of these guys are involved in banditry and kidnapping. When they don’t see people scamming on time, they turn to these vices,” Olukoyede said.
In addition to their criminal activities, Olukoyede noted that the fraudsters’ actions had caused Nigeria national humiliation and harmed the country’s reputation on a global scale.
He stated, “If you travel abroad with your green passport and stand in line with so many people, you will see that by the time you produce the passport, the folks (immigration inspectors) will look at you with some reservation.
“That is, if they do not pull you away for additional investigation. That is a national humiliation that certain young Nigerians (yahoo-yahoo lads) have done to us.”
