The Economic and Financial Crimes Commission (EFCC) says some corrupt Nigerian politicians are now using cryptocurrencies to hide stolen money and escape detection.
EFCC Chairman Ola Olukoyede revealed this during a public lecture at the agency’s headquarters in Abuja, marking the 2025 African Union Anti-corruption Day. He explained that investigations show a growing trend where politicians move their loot into digital wallets, making it harder for authorities to trace the funds.
Olukoyede said, “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. Stolen funds and unexplained wealth are being warehoused in wallets, and payments for services are being done through this window. Investment schemes are also being facilitated through it.”
He stressed that while cryptocurrencies themselves are not illegal, criminals are taking advantage of the technology to commit fraud. “Virtual assets are not fundamentally criminal. It is when they are wrongfully or fraudulently used that they become criminals,” he noted.
The EFCC boss assured Nigerians that the agency is ready to tackle these new challenges. He pointed to recent successes, including the investigation and prosecution of the CBEX scam, as proof that the EFCC is staying ahead through training and intelligence gathering.
Olukoyede also warned Nigerians to be careful about where they put their money. He said many people lose their savings to fake investment schemes because they do not do proper checks before investing. “No investment scam can succeed without the negligence of investors,” he added.
He called on the public to report suspicious transactions early, not just after they have been defrauded. According to him, fraudsters are exploiting desperate investors and spreading scams like wildfire across Africa.
The EFCC says it will keep improving its methods to protect citizens and make sure technology is not used to hide crime.
