EFCC Chairman Raises the Alarm, Says Politicians Now Hide Stolen Funds in Cryptocurrency Wallets
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that corrupt politicians and individuals are increasingly using cryptocurrency wallets to conceal stolen public funds.
He raised the concern on Thursday in Ilorin, Kwara State, during a sensitisation lecture to mark the 2024 African Anti-Corruption Day.
Olukoyede stated that the EFCC has uncovered several cases where looted funds were moved into digital wallets, exploiting the anonymity and decentralised nature of cryptocurrencies to evade detection. He said the trend poses a growing challenge to the commission’s efforts to trace and recover stolen assets.
“Politicians and corrupt individuals are now hiding stolen funds in cryptocurrency wallets. This development presents a new challenge to the fight against corruption in Nigeria,” he said.
The EFCC boss also decried the increasing cases of virtual asset-related fraud, noting that Ponzi schemes and fake online investment platforms are defrauding Nigerians of billions of naira.
He cited the CBEX investment scam as an example of how digital platforms are used to deceive unsuspecting investors.
He warned Nigerians to be cautious of online investment schemes that promise unrealistic profits and advised them to always conduct proper checks before committing funds. “If it sounds too good to be true, it probably is,” Olukoyede added.
He said the commission is strengthening its capacity to investigate cryptocurrency-related crimes through enhanced intelligence gathering, specialised training, and collaborations with financial intelligence units around the world. He also urged citizens to play an active role in reporting suspicious financial activities and promoting transparency.
Olukoyede called for stronger regulation of virtual assets and improved public awareness to prevent digital platforms from becoming safe havens for stolen wealth. He reaffirmed EFCC’s commitment to using technology and innovation to stay ahead in the evolving fight against corruption.
