EFCC Alerts Nigerians On Rising Virtual Asset, Investment Scams

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, on Thursday, raised alarm over the growing threat of virtual asset and investment scams across Africa.

He warned that fraudsters are increasingly leveraging digital technologies to exploit unsuspecting investors.

Olukoyede gave the warning in his address at a public lecture marking the 2025 African Union Anti-Corruption Day held at the Sinclair Hotel, GRA, Ilorin, Kwara State capital.

The anti-graft agency boss who spoke through the Ilorin zonal director of EFCC, Mr Daniel Isei.

The Africa Anti-Corruption Day, marked annually on July 11, is aimed at raising awareness about the dangers of corruption and mobilising collective action to combat it.

This year’s theme focused on the evolving nature of financial crimes in the digital age.

In his address titled: “Understanding Virtual Assets And Investment Scam,” Olukoyede said Africa’s fight against corruption is being undermined by a surge in illicit financial flows, with money laundering and virtual asset fraud topping the list.

He explained that virtual assets, including crypto currencies and digital tokens, are not inherently criminal, but have become dangerous tools in the hands of fraudsters.

“Technology is advancing rapidly, and while virtual assets were created for legitimate financial innovation, criminals are exploiting them for money laundering and fraudulent investments,” he said.

Olukoyede pointed to recent investigations that revealed politicians and corrupt individuals hiding stolen funds in cryptocurrency wallets to evade detection.

He also warned about the growing trend of fraudulent investment schemes using virtual assets to lure desperate investors with promises of quick returns.

In his presentation, an Assistant Chief Superintendent of the EFCC, James Allison emphasised the growing vulnerability of Nigerians to digital investment scams and cryptocurrency-related frauds.

In his lecture titled: “Understanding Virtual Assets and Investment Fraud”, Allison outlined how fraudsters are exploiting virtual assets such as cryptocurrencies, NFTs, and unregulated investment platforms to defraud unsuspecting members of the public.