As stolen billions vanish into blockchain wallets, Nigeria’s anti-corruption chief sounds the alarm: crypto fraud may soon outpace money laundering.
EFCC Chairman Ola Olukoyede has warned that corrupt politicians and fraudsters are increasingly using cryptocurrencies to conceal stolen funds and evade detection. Speaking on Africa Anti-Corruption Day in Kaduna, he described virtual asset fraud as a fast-emerging threat that may soon outpace traditional money laundering across Africa.
Represented by Kaduna Zonal Director Bawa Usman Kaltungo, Olukoyede said criminals are warehousing illicit wealth in digital wallets and routing payments through crypto channels. While cryptocurrencies aren’t illegal, he warned that their anonymity is being exploited by politicians and shady investment platforms.
“The technology is not the problem—it’s how it’s being misused,” he said, linking the rise in digital assets to a surge in Ponzi-style scams like CBEX, which defrauded thousands of Nigerians.
Olukoyede emphasized that the EFCC is already cracking down on such schemes, citing successful investigations and prosecutions. However, he also blamed public negligence: “Many victims fall prey because they fail to verify platforms before investing. No scam succeeds without investor carelessness.”
He called on financial experts to help educate Nigerians on virtual assets and urged greater vigilance. “Virtual assets fraud is preventable. The solution lies in knowledge, awareness, and cooperation,” he said.
The EFCC is now pushing for stronger legal tools, including a law to criminalize unexplained wealth, and reaffirmed its commitment to working with stakeholders to restore public trust and protect the economy.
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