The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised serious concerns over the growing trend of corrupt politicians concealing stolen public funds in cryptocurrencies to evade detection.
Speaking through the Acting Zonal Director, Bawa Usman Kaltungo, during an event to mark Africa Anti-Corruption Day in Kaduna, Olukoyede warned that virtual assets, though not inherently illegal, are increasingly being exploited by fraudulent individuals to launder money and hide illicit wealth.
‘Our findings show that fraudulent politicians are already perfecting schemes to hide their loot in cryptocurrencies to evade the investigative dragnets of anti-corruption agencies.
‘Stolen funds and unexplained wealth are being warehoused in wallets, and payments for services are now made through this window’, Olukoyede said.
He explained that virtual assets such as cryptocurrencies and digital tokens operate on blockchain technology and can be used for legitimate purposes. However, criminals are now repurposing them to bypass traditional banking systems.
‘Virtual asset fraud is on the rise’, the EFCC boss warned, adding that investment schemes are also being facilitated through these digital platforms.
Olukoyede cited the infamous CBEX scam as an example of the EFCC’s continued efforts to combat digital financial crimes.
‘We are ahead in every material sense, and there is ample proof of operational successes in this regard’, he said.
Also speaking at the event, the Head of the Visa and Migration Fraud Section, ACE II Oluwakemi O. Olawoyin, urged Nigerians to exercise caution when dealing with virtual assets.
She said many online trading platforms like Bitcoin and CBEX are largely unregulated in Nigeria and often turn out to be scams.
She said the anonymity of digital transactions makes tracking these fraudsters difficult, making public vigilance even more critical.
‘Nigerians must do proper background checks before transacting with individuals met online. The EFCC is doing its best to arrest and prosecute suspects, but public support is essential’, he said
