We Arrested a 22-Year-Old With N5 Billion Turnover in 18 Months; He Hasn’t Worked in His Life- EFCC

According to a report by Punch on Monday, June 16, 2025, 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 fraudsters are now being used to launder stolen public funds.

According to him, the trend is no longer limited to online scams.

“Some of them launder money for politically exposed persons. Don’t just see them as yahoo-yahoo boys anymore; the traditional way of stealing money is not applicable anymore,” he said.

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.

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.

He noted that this growing alliance is one of the most dangerous dimensions of financial crime in Nigeria.

Citing a specific case, the EFCC boss mentioned the arrest of a 22-year-old who had a staggering turnover of over N5 billion in just 18 months.

“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,” he added.

Olukoyede said such cases show how deep corruption has spread, with fraudsters being used as tools to loot public funds.

He also warned that many of these young men are not only involved in online scams but have branched into more violent crimes.

Olukoyede questioned whether this was the kind of future Nigerians envisioned for the country.

He called for a collective response from all Nigerians to reject the glorification of internet fraud and hold accountable those who fuel it from behind the scenes, particularly in the political class.