The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has raised alarm over the growing trend of politicians hiding stolen money in cryptocurrency wallets and fake investment platforms to escape detection.
Speaking at an event in Lagos to mark Africa Anti-Corruption Day, Olukoyede, who was represented by Acting Zonal Director Ahmed Ghali, warned that public funds were now being secretly moved through digital channels.
“Fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to evade the investigative dragnet of anti-corruption agencies,” Olukoyede said.
The event was held at the EFCC’s Lagos office in Ikoyi. Olukoyede explained that while cryptocurrencies and digital tokens were not illegal, many corrupt officials and scammers now used them to move money in ways that are hard to trace.
“Stolen funds and unexplained wealth are being warehoused in wallets,” he added.
He called for more public awareness and stronger cooperation between regulators and citizens to reduce the success rate of these crimes.
“Virtual assets and investment fraud, like other fraudulent activities, are preventable. The escape route is adequate knowledge and understanding,” he said.
The EFCC boss pointed to the CBEX scam as one of the major cases his agency had cracked. He noted that many fraud cases could have been stopped earlier if victims had reported suspicious transactions quickly.
“No investment scam can succeed without the negligence of investors. People hardly alert the EFCC until they have already been defrauded,” he said.
The session also featured talks from senior EFCC officers Abbah Sambo and Alex Ogbole, who explained how digital tools were helping the commission trace illegal transactions. They said criminals now take advantage of people’s lack of understanding of digital finance to steal millions.
Attendees were encouraged to learn more about how cryptocurrency works and how to identify Ponzi schemes, which continue to lure desperate Nigerians across the continent.
