The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has raised fresh concerns over the growing alliance between internet fraudsters, popularly known as Yahoo boys, and politically exposed persons in Nigeria.
Olukoyede, who spoke during a recent briefing, disclosed that some politicians are now enlisting the services of cybercriminals to launder stolen public funds through cryptocurrency wallets and offshore accounts. According to him, investigations by the commission have revealed that over ₦5 billion has been funneled through such illicit channels.
He warned that many of these internet fraudsters have evolved beyond online scams, venturing into more violent crimes such as kidnapping and banditry.
“This trend is not just an economic threat; it is a serious national security concern,” Olukoyede said. “When cybercriminals become conduits for stolen public wealth and simultaneously engage in violent crimes, it compounds the challenges facing law enforcement.”
The EFCC boss also linked the alarming rise in financial crimes among youths to deepening unemployment and moral decline in the country. He urged stakeholders at all levels to work collaboratively to address these root causes and restore integrity in public service and youth development.
Olukoyede’s comments come amid sustained calls for greater accountability among Nigeria’s political elite and tougher sanctions against financial crimes.
Discover more from Rootedscope Media
Subscribe to get the latest posts sent to your email.
