Abuja, July 10, 2025 — Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has warned that corrupt politicians and cyber fraudsters are increasingly using cryptocurrencies and virtual assets to hide stolen funds and evade law enforcement.
Speaking in Abuja at an event commemorating Africa Anti-Corruption Day, Olukoyede—represented by the Commission’s Acting Zonal Director in Kaduna, Bawa Usman Kaltungo—identified virtual asset fraud and dubious investment schemes as emerging threats that could soon surpass traditional money laundering techniques in Africa.
“Another rising criminal engagement that has the potential to outpace even money laundering is virtual assets and investment scams,” Olukoyede stated.
He acknowledged that while cryptocurrencies and blockchain technology are not illegal, they are increasingly being exploited by criminals to divert and conceal illicit wealth. He specifically pointed out how fraudulent politicians are using digital wallets to hide proceeds of corruption and route illegal payments, bypassing conventional banking systems.
“Stolen funds and unexplained wealth are being warehoused in wallets, and payments for services are being routed through this channel,” he added.
Rising Threat of Investment Scams
The EFCC boss also expressed concern over the rapid growth of fraudulent investment platforms that lure unsuspecting Nigerians with unrealistic returns. These platforms often operate as Ponzi schemes, leaving a trail of financial devastation.
Citing the Commission’s recent success in prosecuting the CBEX scam, Olukoyede emphasized that virtual assets fraud is not beyond control, asserting that the EFCC is already equipped with intelligence tools and specialized training to track and disrupt these criminal operations.
“Virtual assets fraud and investment scams are not hard nuts to crack… Our proactive, broad-based training and intelligence are already exposing these schemes,” he affirmed.
A Call for Vigilance
Olukoyede stressed that public negligence plays a significant role in the success of many investment scams. He urged Nigerians to conduct due diligence and report suspicious investment offers before falling victim.
“Many victims of CBEX might have avoided losses if they had done proper checks… No investment scam can succeed without the negligence of investors,” he said.
As part of its anti-corruption campaign, the EFCC continues to track illicit financial flows, investigate crypto-linked frauds, and prosecute investment scammers in line with Nigeria’s commitment to combat corruption across all sectors.
