The Economic and Financial Crimes Commission (EFCC) has disclosed that politically exposed persons (PEPs) in Nigeria are collaborating with internet fraudsters, commonly known as 'yahoo boys', to launder billions of naira in stolen public funds into foreign accounts. EFCC Chairman, Ola Olukoyede, made this revelation during a media briefing in Abuja on Monday. He said the trend underscores the deep-rooted corruption plaguing Nigeria’s political and governance structures. According to Olukoyede, investigations have revealed how PEPs partner with cybercriminals to create cryptocurrency wallets through which stolen funds are transferred overseas and used to acquire luxury assets, including cars and real estate. “When these PEPs steal billions, they hand the money over to these boys, who then use crypto wallets to move the funds abroad,” he said. “Many of these politicians accommodate the fraudsters in hotels, where they help set up accounts used for laundering the money overseas.” The EFCC chairman also raised alarm over the increasing involvement of internet fraudsters in other serious crimes, including banditry, kidnapping, and ritual killings. He noted that when online scams fail, the criminals often turn to more violent means to sustain their illicit gains. “The danger is no longer just about cyber fraud. Some of these individuals are involved in kidnapping and banditry. When they run out of targets to scam, they switch to these violent crimes,” Olukoyede warned. He further decried the reputational damage caused by the activities of these fraudsters, noting that Nigerians traveling abroad now face increased scrutiny at international borders due to the global infamy of such crimes.