Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the activities of internet fraudsters, commonly known as Yahoo boys, have grown into a serious national security crisis.
Speaking during a media briefing at the EFCC headquarters in Abuja on Monday, Olukoyede warned that the global reputation of Nigerians is being damaged by these cybercriminals.
His words: “I want Nigerians to know that we are having a crisis on our hands.
“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.”
The EFCC chairman described this treatment as a “national shame” caused by the fraudulent activities of young Nigerians.
He said internet fraudsters are no longer just involved in online scams but are now venturing into more violent and organized crimes, including banditry, kidnapping, and laundering funds for politically exposed persons.
He said: “The most dangerous aspect of it is not just about yahoo-yahoo,.
“Some of these guys are into banditry, kidnapping. When they don’t see people to scam on time, they resort to these vices. Some of them launder money for politically exposed persons.”
He added that the proceeds of such crimes are now concealed through cryptocurrencies, with Yahoo boys acting as middlemen for politicians.
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, the boys open accounts for them and take the money abroad to buy cars, houses and other luxury items.”
Olukoyede said the EFCC recently arrested a 22-year-old with a turnover of over ₦5 billion in just 18 months.
He said: “We discovered that he laundered money for politically exposed people.
“These boys do ritual killings. They are also involved in cybercrime. You see them in hotels and in groups trying to scam people.”
The article was originally published on Politics Nigeria.
