The Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that corrupt politicians are now turning to cryptocurrency to hide stolen funds and evade detection. Speaking during the 2025 Africa Anti-Corruption Day event, Olukoyede warned that crypto wallets have become the new safe haven for looted wealth in Nigeria.
According to The Punch, the EFCC has uncovered how public officials use virtual asset platforms to launder money, exploit anonymity, and avoid traditional financial scrutiny. “Stolen funds and unexplained wealth are being warehoused in wallets, and payment for services is being done through this window,” Olukoyede said.
The anti-corruption chief noted that despite the complex and fast-evolving nature of blockchain technology, the EFCC is not powerless. Through proactive training and intelligence gathering, the agency has identified several illicit crypto transactions. “We are exposing fraudulent schemes using digital currencies,” he added.
Other speakers at the event, held simultaneously in Abuja, Lagos, and Ibadan, raised further concerns. Victims of crypto fraud have multiplied in recent years, with the infamous CBEX scam alone causing over N1.3 trillion in losses to Nigerian investors.
At the Lagos edition, EFCC's Lagos Zonal Director, Michael Nzekwe, described digital assets as a “dangerous tool” in the hands of public officials and criminals. He noted the rising trend of crypto fraud across Africa, with fraudsters exploiting the borderless, anonymous nature of digital transactions.
Representing Central Bank Governor Yemi Cardoso in Abuja, Deputy Governor Muhammad Abdullahi highlighted that Nigeria saw over $56 billion in crypto transactions between July 2022 and June 2023, making it Africa’s digital transaction leader. However, this growth brought a 45% rise in financial fraud cases, mostly tied to digital assets and unregulated platforms.
The CBN revealed it is collaborating with the EFCC and the Nigerian Financial Intelligence Unit to regulate the virtual asset space. They’ve launched initiatives such as a proposed National Virtual Asset Wallet to hold seized digital funds.
SEC’s Divisional Head, John Achile, also confirmed that under the 2025 Investment and Securities Act, digital assets are now regulated in Nigeria. He emphasized the importance of structured incubation programs and licensing before granting operational approvals to crypto exchanges and service providers.
Meanwhile, criminologist Prof. Oludayo Tade called for massive public awareness to prevent investment fraud. “If it sounds too good to be true, it’s probably a scam,” he warned, citing the need for skepticism and education on digital finance.
Nigeria’s authorities agree: as digital crime spreads like wildfire, only coordinated efforts, strict regulation, and public education can combat this growing threat.
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