The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has voiced serious concern over how corrupt politicians and fraudsters are turning to cryptocurrency to hide stolen public funds and avoid the radar of anti-graft agencies.
Speaking through Bawa Usman Kaltungo, Acting Zonal Director for the Kaduna Office, during the Africa Anti-Corruption Day event in Abuja on Tuesday, July 10, Olukoyede described the trend as a dangerous new frontier in financial crime that could soon eclipse traditional forms of money laundering across the continent.
He noted that while cryptocurrencies and blockchain technology aren’t inherently criminal, their anonymity and speed are being exploited by criminals for shady dealings.
“Virtual assets and investment scams are rising fast. And unfortunately, they are becoming a more preferred tool for criminals than even conventional money laundering,” he said.
Olukoyede didn’t mince words when he revealed that corrupt politicians are already stashing their loot in crypto wallets and routing payments for questionable services through digital currencies—all in a bid to beat Nigeria’s investigative systems.
“These criminals are not just using banks anymore. Stolen money is being tucked away in anonymous wallets. It’s digital laundering,” he warned.
He also highlighted how questionable investment platforms are gaining momentum, especially across Africa, taking advantage of desperate citizens looking to make quick returns. According to him, many of these “mouth-watering” platforms are nothing but dressed-up Ponzi schemes designed to collapse after milking people dry.
The EFCC boss pointed to the now-infamous CBEX scam as a painful example, noting that despite the Commission’s successful clampdown, many investors had already lost their savings due to lack of due diligence.
“Most people only come to report investment scams after they’ve been scammed. The truth is, no scam succeeds without some level of investor negligence,” Olukoyede added.
Despite the challenges, he assured Nigerians that the EFCC remains resolute in fighting crypto-related fraud. He said the Commission has boosted its capacity with specialized training and tech-based intelligence, and that several digital fraudsters have already been apprehended.
“This battle is far from over. But with the right tools, the right people, and the right awareness, we will win,” he said.
Olukoyede’s warning comes at a critical time when digital finance is booming in Nigeria, and his message is clear: Don’t let greed blind you to risk. If it looks too good to be true, it probably is.
