Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised serious concerns over the increasing use of virtual assets—particularly cryptocurrencies—by politically exposed persons and scammers to conceal illicit wealth and perpetrate investment fraud.
Speaking on Thursday during an event to commemorate Africa Anti-Corruption Day in Gombe State, Olukoyede, who was represented by the Commission’s Zonal Director, Hanafi Sa’ad, warned that corrupt politicians are rapidly adopting digital currencies to beat anti-corruption surveillance.
“Our findings show that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies,” Olukoyede said.
He disclosed that digital wallets are being used to warehouse stolen funds and process payments, while blockchain platforms are increasingly being employed to facilitate suspicious transactions—posing significant hurdles for investigators tracking financial flows.
“Stolen funds and unexplained wealth are being warehoused in wallets, and payments for services are being done through this window. Investment schemes are also being facilitated through it,” he added.
Despite the growing sophistication of virtual asset-related crimes, the EFCC chairman assured Nigerians that the agency remains well-prepared to confront the threat.
“For us at the EFCC, virtual assets fraud and investment scam are not hard nuts to crack. Proactive and broad-based training and intelligence are bringing fraudulent schemes to the fore,” he stated.
He cited the recent bust of the infamous CBEX scam as a major operational success in the EFCC’s ongoing battle against digital financial crimes.
Olukoyede also expressed worry over the escalating spread of Ponzi schemes and other fraudulent investment models across Africa, noting that con artists exploit the desperation of uninformed investors.
“Investment fraud, like virtual assets fraud, is spreading like wildfire across Africa. Ponzi schemes rank as one of the most pervasive of such acts,” he noted.
He stressed the need for citizens to exercise caution and conduct proper due diligence before investing, adding that many victims only report suspicious activities after they’ve been defrauded.
“No investment scam can succeed without the negligence of investors. Virtual assets and investment fraud, like other fraudulent activities, are preventable. The escape route is adequate knowledge and understanding of issues involved,” he said.
Olukoyede called for open and honest dialogue during the event and urged participants to share accurate information about virtual assets and their risks. “The window of ignorance which fraudulent investment operators are opening to defraud innocent members of the public should be closed,” he emphasized.
In his presentation, Head of Investigation, Austine Adache, stressed the importance of self-education, vigilance, and skepticism in financial decisions.
“Educate oneself and stay informed of the latest investment schemes. Verify licenses and research the company. Understand the investment, cast off unrealistic profit promises, and seek professional advice,” Adache advised.
The Africa Anti-Corruption Day event brought together financial experts, regulators, and civil society groups, all focused on strengthening public awareness and policy frameworks to curb the evolving landscape of economic crimes.
