The Economic and Financial Crimes Commission (EFCC), , has revealed that corrupt politicians are increasingly using cryptocurrencies to conceal stolen public funds and evade investigations.
Mr Ola Olukoyede, Chairman, EFCC, represented by Acting Zonal Director Hajiya Hauwa Ringim, made the disclosure at an AU Anti-Corruption Day event.
He said virtual assets are becoming the preferred tool for hiding illicit wealth.
According to him, while not inherently criminal, they are dangerous when misused for fraud.”
Olukoyede noted a surge in the use of crypto wallets for laundering money and running fraudulent investment schemes.
He cited successes like the CBEX scam investigation and emphasized ongoing EFCC efforts through training and intelligence gathering.
He urged the public to remain vigilant, warning that many fall for Ponzi schemes due to poor due diligence and delayed reporting.
Raising awareness and stakeholder collaboration, he said, are key to preventing digital fraud.
Prof. Oludayo Tade of the University of Ibadan echoed the concerns, advising Nigerians to avoid digital investments promising unrealistic returns.
He also warned that scammers exploit celebrities to lure victims and urged stronger public education and enforcement.
The event was attended by government officials, security personnel, civil society groups, students, and youth representatives.
