EFCC Chairman Ola Olukoyede says corrupt politicians now hide stolen funds in cryptocurrency wallets.
He warns that digital assets are being misused for fraud, urging Nigerians to stay alert and informed.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that several corrupt Nigerian politicians are now using cryptocurrencies to hide stolen public funds and evade scrutiny by anti-corruption agencies.
Olukoyede disclosed on Thursday during a public lecture held at the EFCC Headquarters in Abuja to mark the 2025 African Union Anti-Corruption Day. The lecture, themed “Understanding Virtual Asset and Investment Fraud,” highlighted the rising use of digital currencies in financial crimes across the country.
“Our findings showed that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies,” Olukoyede stated.
He explained that crypto wallets are now being used to warehouse unexplained wealth, while digital assets also serve as conduits for payment of illicit services and promotion of fraudulent investment schemes.
The EFCC boss clarified that cryptocurrencies and other virtual assets are not inherently illegal, emphasizing that these tools are legitimate innovations of the digital economy.
“Virtual assets are not fundamentally criminal. It is when they are wrongfully or fraudulently used that they become criminal,” Olukoyede said. “Technology is advancing at supersonic speed. As a medium of storing value, virtual assets are a logical evolution, but as with most innovations, fraudsters often find ways to subvert their purpose.”
Olukoyede assured the public that the EFCC is equipped to deal with the evolving threat of digital fraud. According to him, the Commission has intensified its training efforts and improved intelligence-gathering techniques to track illicit virtual transactions.
He cited the Commission’s success in investigating and prosecuting the now-infamous CBEX scam as a testament to its capabilities in tackling crypto-related fraud. The CBEX scandal involved a large number of investors losing their savings to an investment scheme marketed under the guise of cryptocurrency returns.
“Virtual asset fraud and investment scams are not insurmountable for the EFCC. We are proactive, and we’ve demonstrated operational successes, particularly with CBEX,” he added.
Olukoyede also urged Nigerians to conduct proper due diligence before investing in any platform or scheme. He warned that many fraudulent operators prey on desperate or uninformed investors, using flashy marketing and unrealistic promises of high returns to lure them in.
“The investing public must understand that their negligence often aids the success of investment scams,” he said. “Most victims don’t file suspicious transaction reports until after they’ve been defrauded. That has to change.”
He stressed the need for increased awareness, financial literacy, and skepticism toward Ponzi-like schemes, which remain prevalent across the continent.
According to a report by SAP, AI and digital technologies are rapidly transforming the African financial landscape. However, EFCC says this transformation must come with heightened safeguards and ethical use, especially as digital assets present new avenues for criminal exploitation.
Olukoyede concluded by affirming the Commission’s commitment to adapt to evolving technologies while working to protect Nigeria’s financial system from abuse and exploitation.
