By Anifowoshe Oladipupo
The Economic and Financial Crimes Commission (EFCC), has uncovered a disturbing new trend in financial crime: corrupt individuals are now hiding stolen public funds in cryptocurrency wallets to evade detection.
This was disclosed by EFCC Chairman Ola Olukoyede during the 2025 African Union Anti-Corruption Day lecture held in Ilorin on July 10.
Represented by the Ilorin Zonal Director, Daniel Isei, Olukoyede said recent investigations revealed how cryptocurrencies are being increasingly used by politically exposed persons and financial criminals to conceal illicit wealth and avoid the scrutiny of traditional banking systems.
While acknowledging that virtual assets are not inherently criminal, he warned that they have become a powerful tool for money launderers and fraudsters.
He also cautioned the public about the growing prevalence of virtual asset and investment scams, which often promise unrealistic returns to lure unsuspecting investors.
Olukoyede cited the notorious CBEX scam as a case study, highlighting how lack of due diligence by victims led to widespread financial loss.
He noted that illicit financial flows, driven largely by cryptocurrency fraud and money laundering continue to frustrate Africa’s anti-corruption efforts.
Despite these challenges, the EFCC Chairman assured Nigerians that the Commission is adapting swiftly.
“We are enhancing intelligence gathering, staff training, and forensic capabilities to keep pace with the evolving tactics of cybercriminals,” he said.
Also speaking at the event, EFCC Assistant Chief Superintendent James Allison explained how scammers disguise as legitimate crypto traders, baiting victims with promises of extraordinary profits.
“Once the victims invest, the fraudsters disappear,” he said, urging Nigerians to be wary of offers that seem too good to be true.
The EFCC emphasized that public awareness, timely reporting, and inter-agency cooperation remain essential tools in fighting this rising wave of digital financial crimes.