Mr. Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), alleges that corrupt Nigerian politicians are increasingly “hiding stolen public funds in cryptocurrencies to evade probes.”
He made the statement on Thursday during an Anti‑Corruption Day event organized by the African Union in Ibadan.
Represented by the EFCC’s Acting Zonal Director in Ibadan, Hajiya Hauwa Ringim, he warned that virtual assets are being misused to conceal illicit wealth.
“Virtual assets are digital monetary representations that could be traded or transferred,” Olukoyede said, stressing that while such assets “are not criminal,” they “become dangerous when used fraudulently.”
He lamented the damaging impact on Africa’s development due to illicit financial flows such as money laundering and digital fraud schemes.
The EFCC boss added that investigators have “observed an alarming increase in politicians using cryptocurrency wallets to store unexplained wealth and facilitate fraudulent investment activities.”
He emphasized that the EFCC is not standing idle, noting that “the agency was addressing the challenge with training and intelligence.”
He referenced a major breakthrough in the investigation of the CBEX investment scam as evidence of their efforts.
Olukoyede also cautioned the public: “most scams succeed due to lack of due diligence and delayed reporting of suspicious transactions to relevant authorities.”
He highlighted the continued prevalence of Ponzi schemes, warning that “desperate investors [easily] fall prey to enticing but fake digital investment promises.”
He urged a multifaceted approach to prevention, stating that “virtual assets fraud could be prevented through public awareness, proactive measures and stakeholder engagement by anti‑graft agencies as well as regulators.”
Adding his voice at the event, University of Ibadan criminologist Professor Oludayo Tade cautioned Nigerians about unrealistic investment offers in the digital space.
He advised: “avoid schemes offering suspiciously high returns, warning that 50 per cent profit within a week are clear signs of deceit.”
He also criticized the use of celebrity endorsements, noting that fraudsters “exploit the image of celebrities as well as influencers to build trust and deceive unsuspecting investors across media platforms.”
Tade called on government agencies to ramp up educational campaigns, arguing that “fraud prevention was more effective than belated enforcement actions.”
He emphasized the need for funding into investigative efforts and stricter punishment for offenders.
The event, held in Ibadan, brought together security advisers, command-level law enforcement officers, civil society groups, students, and youth leaders highlighting the broad concern around cryptocurrency-related financial crimes.
