The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarms about corrupt politicians increasingly using cryptocurrencies and virtual assets to hide illicit wealth and dodge detection.
Represented by Zonal Director Hanafi Sa’ad at an Africa Anti-Corruption Day event in Gombe State on Friday, July 11, 2025.
Olukoyede warned that politically exposed persons are exploiting digital assets to evade anti-corruption scrutiny.
Emerging Threats
Olukoyede identified money laundering as the top crime linked to these illicit flows, with virtual asset scams poised to surpass it.
He noted that while cryptocurrencies and digital tokens are not inherently illegal, fraudsters are using them to store and transfer stolen funds beyond law enforcement reach.
“Our findings show fraudulent politicians are perfecting schemes, hiding loot in crypto wallets, and making payments through this channel,” he said, highlighting the growing sophistication of these crimes.
EFCC’s Response
Despite the challenges, Olukoyede assured the public that the EFCC is well-prepared, leveraging proactive training and intelligence to uncover such frauds.
He cited the successful investigation and prosecution of the CBEX scam as evidence of the agency’s capability.
“Virtual assets fraud and investment scams are not hard nuts to crack,” he declared, emphasizing ongoing efforts to stay ahead of digital crime trends.
Investment Fraud Concerns
The EFCC boss also addressed the rapid spread of investment fraud across Africa, particularly Ponzi schemes targeting desperate investors.
“Fraudsters are exploiting vulnerabilities through dishonest schemes,” he warned, noting that these scams thrive due to investor negligence.
He urged Nigerians to conduct due diligence and report suspicious activities promptly, pointing out that delayed reports often come only after losses occur.
Call for Public Awareness
Olukoyede stressed that investor carelessness fuels these scams, advocating for education on financial risks and digital assets.
“No investment scam can succeed without the negligence of investors, The escape route is adequate knowledge and understanding,” he advised, encouraging a proactive approach to prevent further exploitation.
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