The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed that corrupt politicians and other criminal elements are increasingly concealing illicit wealth in cryptocurrencies to evade detection by anti-corruption agencies.
Olukoyede made this known during a public lecture commemorating the 2025 African Union Anti-Corruption Day, themed “Understanding Virtual Assets and Investment Scams.”
Represented at the programme by the Acting Zonal Director of Ibadan Zonal Directorate of the EFCC, Hauwa Garba Ringim, the EFCC boss stressed that virtual asset fraud is on the rise and being exploited by unscrupulous politicians to escape the investigative dragnet.
“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,” Olukoyede warned.
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 emphasized 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 is 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 activity 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.
In his own presentation, Assistance Superintendent of EFCC Two (ASE II), Farouk Mohammed Bello, urged citizens to remain cautious while engaging in online transactions, assuring that the EFCC is committed to sanitizing the system.
Also speaking at the event, Professor Oludayo Tade, a criminology and security expert from the University of Ibadan, described fraud as a global challenge. He called for increased public awareness, noting that understanding the methods and activities of fraudsters is essential to avoiding victimization.
The programme had in attendance top security chiefs, members of the NYSC Corps and the state
Commissioner of Police.
