• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, July 13, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Corrupt Politicians Concealing Illicit Funds In Cryptocurrencies To Evade Detection – EFCC

by Adebayo Waheed
13 hours ago
in News
EFCC
Share on WhatsAppShare on FacebookShare on XTelegram

The chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has disclosed that corrupt politicians and other criminal elements are increasingly concealing illicit wealth in cryptocurrencies to evade detection by anti-corruption agencies.

Advertisement

The EFCC boss spoke during a public lecture commemorating the 2025 African Union Anti-Corruption Day, themed, “Understanding Virtual Assets and Investment Scams”, stressing that virtual asset fraud was on the rise and being exploited by unscrupulous politicians to escape the investigative dragnet.

Represented by the acting zonal director of Ibadan Zonal Directorate of the commission, Hauwa Garba Ringim, he said, “Stolen funds and unexplained wealth are increasingly being stored in digital wallets, while payments for services and fraudulent investment schemes are being channeled through cryptocurrency platforms.”

He highlighted the growing threat posed by fraudulent investment schemes that leverage virtual assets to entice unsuspecting victims with promises of quick returns.

According to him, criminals are capitalizing on advancements in digital technologies to perpetrate these scams across Africa.

RELATED

At Book Launch, Buhari Apologises For Hard Decisions

JUST-IN: Tinubu Confirms Buhari’s Death, Sends Shettima To Bring Corpse From UK

30 minutes ago
‎Igbinedion Varsity Reappoints The Delborough’s Uzochukwu As Governing Council Member

‎Igbinedion Varsity Reappoints The Delborough’s Uzochukwu As Governing Council Member

48 minutes ago

Olukoyede emphasised that although virtual assets such as cryptocurrencies and digital tokens are not inherently illegal, they have become dangerous tools when misused by fraudsters.

 

He added that the EFCC was intensifying efforts to combat the menace by involving all relevant stakeholders in preventive and investigative activities.

 

“Technology is evolving and while virtual assets were designed for legitimate financial innovation, criminals are using them for money laundering and fraudulent investments,” he said.

 

Citing the infamous CBEX scam as a case study, Olukoyede noted that investor ignorance and failure to report suspicious activities on time often contribute to the success of such fraudulent schemes.

 

“The CBEX case illustrates how the lack of due diligence and delayed reporting can lead to devastating financial losses. No investment scam can thrive without public negligence,” he stated.

 

He reassured Nigerians that the EFCC remains committed to staying ahead of financial criminals through proactive intelligence gathering, robust training, and operational breakthroughs.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



Tags: Economic and Financial Crimes Commission (EFCC)
SendShareTweetShare
Previous Post

Lagos LG Poll: Coalition Will Strengthen Democracy – Gbajabiamila

Next Post

Lagos Boosts Emergency Healthcare Services With 10 New LASAMBUS Points

Adebayo Waheed

Adebayo Waheed

You May Like

At Book Launch, Buhari Apologises For Hard Decisions
News

JUST-IN: Tinubu Confirms Buhari’s Death, Sends Shettima To Bring Corpse From UK

2025/07/13
‎Igbinedion Varsity Reappoints The Delborough’s Uzochukwu As Governing Council Member
Education

‎Igbinedion Varsity Reappoints The Delborough’s Uzochukwu As Governing Council Member

2025/07/13
What Former Nigerian Leaders Are Doing In Retirement
Cover Stories

BREAKING: Ex-President Buhari Dies In London

2025/07/13
natasha
News

Why We Can’t Recall Natasha Now — Senate

2025/07/13
Businessman Threatens Lawsuit Against EFCC For Declaring Him Wanted
News

Businessman Threatens Lawsuit Against EFCC For Declaring Him Wanted

2025/07/13
Transit Gas Boosts Primary Healthcare Facility In Ogun
News

Transit Gas Boosts Primary Healthcare Facility In Ogun

2025/07/13
Leadership Conference advertisement

LATEST

JUST-IN: Tinubu Confirms Buhari’s Death, Sends Shettima To Bring Corpse From UK

‎Igbinedion Varsity Reappoints The Delborough’s Uzochukwu As Governing Council Member

BREAKING: Ex-President Buhari Dies In London

Panic As Landslide Hits Ondo Community

NDLEA Nabs Wanted Drug Kingpin, Recovers Cocaine, Loud

Why We Can’t Recall Natasha Now — Senate

Businessman Threatens Lawsuit Against EFCC For Declaring Him Wanted

Transit Gas Boosts Primary Healthcare Facility In Ogun

UK Varsity Honours Nigerian Philanthropist AA Zaura With Honorary Diploma In Humanities

‘Soyinka Still Inspires At 91’, Tinubu Hails Nobel Laureate On Birthday Anniversary

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.