Crime
Politicians Using Yahoo Boys To Launder Billions — EFCC Chairman Raises Alarm
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has made a startling revelation about the deepening nexus between Nigerian politicians and internet fraudsters, popularly known as “Yahoo boys.”
According to him, politically exposed persons (PEPs) are now leveraging these cybercriminals to launder billions of naira in stolen public funds to offshore accounts.
Olukoyede, speaking during a press briefing on Monday at the EFCC headquarters in Abuja, disclosed that investigations have uncovered a growing pattern in which politicians use Yahoo boys to open cryptocurrency wallets, facilitating the transfer of illicit funds overseas.
READ MORE: EFCC Arrests Ex-APC Lawmaker, Muhammad Kazaure
These funds are often used to purchase luxury properties, cars, and other high-end items.
“When they steal billions, they hand the money over to these boys who open crypto wallets, and from there, the money moves abroad,” Olukoyede stated.
“Many of these PEPs go as far as lodging them in hotels just to ensure they can move stolen wealth undetected.”
The EFCC boss warned that this collaboration goes beyond cybercrime, highlighting that many fraudsters now engage in violent crimes such as banditry, ritual killings, and kidnapping when internet scams fail to yield results.
Rising Threat to National Security and Image
Olukoyede lamented the broader consequences of this trend, noting that it has brought global embarrassment to Nigeria and made international travel more difficult for ordinary Nigerians.
He shared an experience where Nigerians with green passports are often singled out for extra scrutiny abroad.
“That is a national shame that these Yahoo boys have caused us. You queue up with other travelers, and once you present your passport, there’s an instant look of suspicion. Sometimes, they pull you aside for special scrutiny,” he said.
Disturbing Youth Involvement
The chairman also revealed the arrest of a 22-year-old suspected fraudster who allegedly laundered over ₦5 billion within 18 months on behalf of corrupt politicians — despite having no legitimate source of income.
“We arrested a 22-year-old; he had a turnover of over ₦5 billion within 18 months. We discovered that he laundered money for politically exposed people. A boy who has never worked in his life,” Olukoyede disclosed with concern.
He expressed disappointment over the growing culture of get-rich-quick among Nigerian youths, blaming it on a collapse of moral values and a lack of emphasis on hard work and integrity.
A Call to Action
In his final remarks, Olukoyede called for a united front in combating this evolving threat, urging the public not to treat Yahoo boys with admiration but to recognize them as serious criminals undermining Nigeria’s future.
“Are these the kind of people we want to entrust the future of our country to?” he questioned. “We must all work together to rebuild the moral foundation of our society.”
Olukoyede also praised the EFCC’s achievements in 2024, highlighting the recovery of ₦365.4 billion and the successful prosecution of 4,111 cases.
He reaffirmed the agency’s commitment to surpassing these milestones in 2025.
Crime
Police Probe PCRC Chairman Olaniyan Over Alleged ₦178m Financial Crimes
The Nigeria Police Force has commenced steps to investigate alleged financial crimes involving more than ₦178 million against the National Chairman of the Police Community Relations Committee (PCRC), Alhaji Mogaji Ibrahim Olaniyan, and other national executive officers of the organisation.
The allegations were contained in a petition submitted to the Inspector-General of Police on July 13, 2026, by the law firm of A.F. Obainoke & Co. on behalf of some elected national officers of the PCRC.
According to the petition, Olaniyan and some other national executive officers were accused of financial crimes involving more than ₦178 million.
SEE ALSO: IGP Disu Proposes New Police Desk for Nigeria’s Creative Economy, Intellectual Property
The petitioners said they were elected into various national positions in the PCRC in 2022, including the position of National Auditor, while Olaniyan was elected National Chairman and subsequently sworn into office.
In a letter dated July 20, 2026, the office of the Inspector-General of Police forwarded the petition to the Director of Legal Services of the Nigeria Police Force for appropriate action.
The letter, signed by CP Lateef Ahmed, Principal Staff Officer, conveyed the directive of the Inspector-General for the matter to be handled by the legal services department.
The document, according to the report, was received by the Directorate of Legal Services on July 28, 2026.
The latest development comes amid ongoing allegations and internal disputes surrounding the leadership of the PCRC under Olaniyan.
Previous Allegations
The development follows earlier allegations of financial mismanagement and accountability concerns within the organisation.
In March, some PCRC members reportedly accused Olaniyan of failing to account for more than ₦20 million allegedly generated from registration fees for the organisation’s 2026 national leadership workshop.
Sources cited in the report claimed that more than 2,000 PCRC members registered for the workshop at ₦12,000 each in January and February 2026.
The report also alleged that the organisation had not conducted a comprehensive audit of its national accounts for more than three years.
Another PCRC controversy emerged in 2023 when an eight-member committee was reportedly constituted to investigate allegations involving ₦60.3 million allegedly embezzled by the chairman.
A document cited in the report indicated that the committee confirmed that ₦60.3 million had been realised by the PCRC and reviewed expenditure records, with an alleged balance of approximately ₦1.4 million.
The committee reportedly recommended measures including greater financial discipline, limiting the chairman’s powers and ensuring compliance with the organisation’s constitution.
PCRC Election Controversy
The latest allegations also come amid disputes over internal elections within the PCRC.
In July, the Assistant Inspector-General of Police in charge of Zone 13, AIG Godwin Iguh Eze, reportedly postponed a PCRC Zone 13 election over alleged procedural issues.
The police said nomination forms had not been made available to the AIG or the Zonal Police Public Relations Officer, while contestants had also not been screened by the AIG or members of the Zonal Management Team.
Sources further alleged that Olaniyan had sought to influence the electoral process, although he reportedly did not respond to attempts to obtain his reaction.
Meanwhile, sources within the PCRC reportedly claimed that Olaniyan is seeking another tenure as National Chairman ahead of the November 29 election.
Crime
EFCC Arrests Enugu Estate MD Over Alleged N128m Land Scam
Operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested Basil Iwoba Ochili, Managing Director of Debasilio Construction and Estate Development Limited, over alleged fraudulent activities involving N128 million.
The EFCC disclosed this in a statement posted on its official X account on Wednesday.
According to the commission, Ochili was arrested for allegedly using his company for fraudulent activities, including “obtaining by false pretence to the tune of N128,000,000.00 (One Hundred and Twenty-eight Million Naira).”
SEE ALSO: EFCC Warns Lawyers Against Charging Clients in Foreign Currencies
The EFCC said Ochili was arrested based on a claim by a petitioner who alleged that sometime in September 2022, the suspect falsely presented himself as the owner of five plots of land situated beside Anambra State Secretariat by Stamford Hotel, Aroma Junction, Awka, Anambra State, and falsely offered the property for sale.
“Relying on the suspect’s representation, the petitioner purchased the said plots in the sum of N128,000,000.00 (One Hundred and Twenty-Eight Million Naira), which was paid into the suspect’s company account,” the EFCC said.
However, the commission said the petitioner was unable to take possession of the land.
Preliminary investigations, according to the EFCC, showed that the suspect knew that the land “encroached on Anambra State Government Secretariat’s land” but allegedly went ahead to sell it to the petitioner.
The commission further said that instead of refunding the petitioner’s money, Ochili “offered him two dud cheques.”
“Further preliminary investigations showed that the suspect used part of the money to settle his debts,” the EFCC said.
The commission also stated that Ochili’s company, Debasilio Construction and Estate Development Limited, “has never been tax compliant.”
The EFCC said the suspect will be charged to court after investigations are concluded.
“The suspect will be charged to court as soon as investigations are concluded,” the commission stated.
Crime
FHC Hands 10 Years Sentence to Nine Oil Thieves in Akwa Ibom
The Federal High Court (FHC) sitting in Uyo, Akwa Ibom State, has sentenced nine convicted crude oil thieves to 10 years in prison without an option of fine following a joint intelligence-led operation by the Department of State Services (DSS) and the Nigerian Navy (NN).
The convicts were among 19 suspects arrested earlier this year after security operatives caught them allegedly stealing crude oil from an oil well head identified as Asabo-D in Ibeno Local Council of the state.
READ ALSO: DPRP to Favour Small Investors in Event of IPO Oversubscription
Delivering judgment on Monday, Justice Joy Ikpeme found the nine men guilty on a two-count charge of conspiracy and tampering with an oil pipeline, contrary to Section 1(7) of the Miscellaneous Offences Act.
The judge sentenced each of them to five years’ imprisonment on the first count and 10 years on the second count, with no option of fine. The sentences are to run concurrently.
The remaining 10 suspects arrested during the operation are expected to face further legal proceedings.
The arrests followed an intelligence-led operation conducted by the DSS in collaboration with the NN as part of efforts to disrupt crude oil theft and illegal bunkering activities in the oil-producing communities of Akwa Ibom.
The conviction was described by a security source as another significant step in the sustained campaign against oil theft, particularly along Nigeria’s maritime and riverine areas.
According to the source, crude oil theft and illegal bunkering have continued to deprive the country of vital oil revenue while inflicting serious environmental damage on host communities.
The source said the latest conviction underscored the determination of security agencies to ensure that those involved in the theft of the nation’s crude resources are brought to justice.






xa6ajr