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.
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.
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.
