EFCC Steps Up Nationwide Crackdown on Cryptocurrency-Related Fraud
The Economic and Financial Crimes Commission has expanded its operations against cryptocurrency-linked fraud, deploying advanced digital tools to track illicit transactions and dismantle criminal networks across the country.
The Head of Advance Fee Fraud, Coker Oyegunle, revealed the commission’s latest efforts during a capacity-building workshop for journalists and civil society organisations held in Port Harcourt on Thursday.
He said the agency now uses blockchain-analysis technology to trace suspicious crypto movements and has recently arrested a major syndicate accused of defrauding victims through digital currency schemes, recovering substantial amounts of stolen funds.
Speaking on “Understanding Cryptocurrency Fraud and Other Emerging Financial Crimes,” Oyegunle said the EFCC remains the lead agency enforcing laws against crypto-related offences.
He explained that the commission is empowered to investigate financial crimes and freeze accounts linked to illegal activities.
Describing how digital currencies operate, Oyegunle said cryptocurrency functions as online-based money secured by blockchain technology.
“Cryptocurrency is digital money that exists only online… You can send it to anyone, anywhere in the world. No banks involved,” he said. He noted that popular examples include Bitcoin, Ethereum and USDT.
He added that while blockchain systems promote transparency and autonomy, the same features make them attractive to criminals who exploit them for fraud, money laundering and covert transactions.
According to him, cyber-enabled crimes are rising globally as fraudsters adopt artificial intelligence, decentralised finance tools and privacy-enhancing technologies to evade detection.
“Victims typically realise the fraud only when withdrawals are blocked. Phishing attacks involve fake websites, emails, or apps designed to steal wallet private keys, seed phrases, or login details,” he said.
Oyegunle explained that Nigeria now uses a coordinated regulatory framework to curb crypto-related offences. The Securities and Exchange Commission leads regulation under the Investments and Securities Act 2025, while the EFCC conducts investigations and arrests.
The Nigeria Police Force Cybercrime Unit also works alongside the commission to tackle technology-driven financial crimes.
He emphasised that the EFCC’s enhanced digital-tracking tools have strengthened its ability to trace stolen funds and carry out successful operations against major fraud networks.
Earlier, the Acting Director of the EFCC Port Harcourt Directorate, Hassan Saidu, said the workshop demonstrates the value the agency places on the media and civil society in preventing financial crimes. He warned that cryptocurrency-related fraud is rising in Nigeria’s cyberspace, making public awareness crucial.
“Many citizens fall victim due to lack of information or the allure of quick wealth. This is where your roles become critical,” he told participants.
Saidu stressed that cryptocurrency remains a legitimate business in Nigeria, but the commission will continue to target those who use it for criminal activities. He urged the public to stay alert and avoid schemes that appear suspicious or promise unrealistic returns.
