The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that some corrupt Nigerian politicians are now turning to cryptocurrency wallets to conceal illicit funds. He made this disclosure in Abuja during an event commemorating the 2024 African Anti-Corruption Day.
Olukoyede explained that these politicians are exploiting the anonymity and lack of regulation in virtual currencies to launder money and evade law enforcement tracking. He warned that stolen public funds and suspicious wealth are increasingly being stored in digital wallets, complicating the commission’s investigations.
The EFCC boss noted that while virtual assets like cryptocurrency were initially designed to store value legitimately, they are now being misused to execute fraudulent investment schemes and money laundering. He cited the collapse of the CBEX Ponzi scheme, which swindled investors of over ₦1.3 trillion, as an example of how digital platforms are being exploited by criminals.
He emphasized that such scams thrive on the ignorance and negligence of victims, urging the public to be more vigilant and cautious before committing to any investment. Olukoyede assured that the EFCC is enhancing its technological capacity and staying ahead of evolving financial crimes through intelligence gathering and collaboration with relevant agencies.
The anti-graft chief called for increased awareness and education about virtual assets, encouraging Nigerians to report suspicious financial activities and avoid being lured into fraudulent investment opportunities masked as digital innovations.
