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EFCC ready to tackle virtual asset, crypto-related crimes — Olukoyede.
Warns Public Against Investment Scams, Blames Politicians for Crypto Misuse
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed the Commission’s readiness to combat crimes related to virtual assets and cryptocurrencies, amid a growing wave of online investment fraud and digital scams across Nigeria.
Speaking at the 2025 African Union Anti-Corruption Day Lecture held at the EFCC headquarters in Abuja, Olukoyede urged Nigerians to exercise caution, warning that many investment scams succeed due to investors’ negligence and failure to conduct basic due diligence.
No investment fraud can succeed without the negligence of investors,” he stated. “Nigerians must stop rushing into get-rich-quick schemes without asking the right questions.”
He cited the infamous CBEX scam as a prime example of how fraudulent schemes exploit public ignorance, and stressed the need for greater financial literacy.
Olukoyede also raised alarm over the increasing misuse of cryptocurrencies by corrupt politicians to hide illicit funds and evade investigations.
“Politicians are now stashing looted funds in crypto wallets to escape detection. But the EFCC is not backing down—we are ahead of the game,” he said.
He emphasized that while virtual assets are not inherently illegal, they are being exploited for criminal activities, and the EFCC is committed to regulating and prosecuting offenders.
CBN, SEC Raise Concern Over Rising Digital Fraud
Representing the Governor of the Central Bank of Nigeria, Deputy Governor Muhammad Sani Abdullahi disclosed that Nigeria recorded over $56 billion in crypto transactions between July 2022 and June 2023, making it the highest in Africa.
Warns Public Against Investment Scams, Blames Politicians for Crypto Misuse
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed the Commission’s readiness to combat crimes related to virtual assets and cryptocurrencies, amid a growing wave of online investment fraud and digital scams across Nigeria.
Speaking at the 2025 African Union Anti-Corruption Day Lecture held at the EFCC headquarters in Abuja, Olukoyede urged Nigerians to exercise caution, warning that many investment scams succeed due to investors’ negligence and failure to conduct basic due diligence.
No investment fraud can succeed without the negligence of investors,” he stated. “Nigerians must stop rushing into get-rich-quick schemes without asking the right questions.”
He cited the infamous CBEX scam as a prime example of how fraudulent schemes exploit public ignorance, and stressed the need for greater financial literacy.
Olukoyede also raised alarm over the increasing misuse of cryptocurrencies by corrupt politicians to hide illicit funds and evade investigations.
“Politicians are now stashing looted funds in crypto wallets to escape detection. But the EFCC is not backing down—we are ahead of the game,” he said.
He emphasized that while virtual assets are not inherently illegal, they are being exploited for criminal activities, and the EFCC is committed to regulating and prosecuting offenders.
CBN, SEC Raise Concern Over Rising Digital Fraud
Representing the Governor of the Central Bank of Nigeria, Deputy Governor Muhammad Sani Abdullahi disclosed that Nigeria recorded over $56 billion in crypto transactions between July 2022 and June 2023, making it the highest in Africa.
EFCC ready to tackle virtual asset, crypto-related crimes — Olukoyede.
Warns Public Against Investment Scams, Blames Politicians for Crypto Misuse
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed the Commission’s readiness to combat crimes related to virtual assets and cryptocurrencies, amid a growing wave of online investment fraud and digital scams across Nigeria.
Speaking at the 2025 African Union Anti-Corruption Day Lecture held at the EFCC headquarters in Abuja, Olukoyede urged Nigerians to exercise caution, warning that many investment scams succeed due to investors’ negligence and failure to conduct basic due diligence.
No investment fraud can succeed without the negligence of investors,” he stated. “Nigerians must stop rushing into get-rich-quick schemes without asking the right questions.”
He cited the infamous CBEX scam as a prime example of how fraudulent schemes exploit public ignorance, and stressed the need for greater financial literacy.
Olukoyede also raised alarm over the increasing misuse of cryptocurrencies by corrupt politicians to hide illicit funds and evade investigations.
“Politicians are now stashing looted funds in crypto wallets to escape detection. But the EFCC is not backing down—we are ahead of the game,” he said.
He emphasized that while virtual assets are not inherently illegal, they are being exploited for criminal activities, and the EFCC is committed to regulating and prosecuting offenders.
CBN, SEC Raise Concern Over Rising Digital Fraud
Representing the Governor of the Central Bank of Nigeria, Deputy Governor Muhammad Sani Abdullahi disclosed that Nigeria recorded over $56 billion in crypto transactions between July 2022 and June 2023, making it the highest in Africa.
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