The Economic and Financial Crimes Commission (EFCC) has revealed a sophisticated money laundering trend where public funds from local government accounts are routed through corporate intermediaries into offshore cryptocurrency wallets.
Speaking on Monday in Abuja, EFCC Executive Chairman Ola Olukoyede disclosed that the anti-graft agency's Fraud Risk Assessment and Control Department flagged and froze a suspicious account for 72 hours, tracking funds from a local council to a private firm and directly into virtual asset wallets.
Olukoyede highlighted that financial crime has evolved past traditional cyber fraud, with corrupt officials recruiting students and young proxy traders to siphon state funds into global crypto assets within 24 hours.
He further confirmed that the Federal Government has approved a National Confiscation Wallet to ensure transparent management of seized virtual assets, while reporting that the commission recovered approximately N288.1 billion in tax arrears over the last three years.
"We have gotten to a stage in Nigeria now that public officials steal money and put it in cryptocurrency wallets... Is that the road to build?" — Ola Olukoyede, EFCC Chairman
#EFCC #Crypto #OlaOlukoyede #CorruptionInNigeria #NigeriaNews #NaijaNews #FinancialCrime #TechNews
Latest News
Published by Qubes Magazine
Founder & Editor-in-Chief: Okwudili Onyido
Stay informed and ahead with breaking news, entertainment, and exclusive updates from Qubes Magazine—your trusted source for digital journalism.
Contact: info@qubesmagazine.com.ng
© 2026 Qubes Magazine. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from the publisher.
Post a Comment