EFCC Boss: Yahoo Boys Now Aid Kidnappers, Launder Money for Politicians

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised the alarm over the growing involvement of internet fraudsters, popularly known as "Yahoo Boys," in kidnapping and money laundering for politicians.  



Speaking at a stakeholders' meeting in Abuja on Tuesday, Olukoyede revealed that cybercriminals have expanded their operations beyond online scams to actively supporting kidnappers and laundering illicit funds for political figures.  


"These criminals are no longer just defrauding people online. We now have evidence that they are working with kidnappers to negotiate ransom payments and using their expertise to clean dirty money for politicians," the EFCC boss stated.  


Olukoyede noted that the commission has uncovered sophisticated networks where fraudsters help kidnappers receive and disguise ransom payments through cryptocurrency and other digital payment platforms. Additionally, they allegedly provide money laundering services to politicians seeking to hide stolen funds.  


The EFCC chairman warned that the commission is intensifying its crackdown on these criminal alliances, vowing to prosecute all involved parties regardless of their status. He called for stronger collaboration between security agencies and financial institutions to track and block illicit transactions.  


This revelation comes amid Nigeria's worsening insecurity and concerns about the role of financial crimes in fueling criminal activities. The EFCC has recently secured several convictions against high-profile internet fraudsters and money launderers.  



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