The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that some corrupt politicians and fraudsters are increasingly using cryptocurrency to hide stolen wealth and avoid detection.
Speaking during the Africa Anti-Corruption Day event in Gombe, Olukoyede explained that virtual assets like cryptocurrency are now being used as tools for laundering money and defrauding unsuspecting investors.
“Our findings indicate that politically exposed persons are hiding their loot in digital currencies, making it harder for law enforcement to trace,” he said.
He noted that with the rise of blockchain technology, criminals are exploiting its anonymity to move illicit funds through digital wallets, bypassing traditional banking systems.
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However, Olukoyede assured Nigerians that the EFCC is stepping up its digital surveillance and investigative capacity to tackle the challenge. He pointed to the recent dismantling of the notorious CBEX investment scam as proof of the Commission’s readiness to fight back.
The EFCC boss also raised concerns about the growing cases of investment fraud across Africa, especially Ponzi schemes targeting vulnerable individuals. He advised Nigerians to be vigilant and conduct thorough background checks before investing in any platform.
“No scam succeeds without investor negligence,” Olukoyede emphasized, urging citizens to report suspicious investment offers and seek proper financial education.
He called for collective efforts to increase awareness of how digital assets work, stressing that knowledge is the strongest weapon against fraud in the digital age.
