The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has warned that corrupt politicians and fraudsters are now hiding stolen money in cryptocurrency wallets to avoid detection.
Olukoyede made this known in Kaduna on Thursday during an event to mark Africa Anti-Corruption Day. He said the use of virtual currencies like cryptocurrencies is becoming a new way to carry out financial crimes in Africa.
He was represented by the Acting Zonal Director of the EFCC in Kaduna, Bawa Usman Kaltungo.
“Fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies. Stolen funds and unexplained wealth are being warehoused in wallets, and payments for services are being routed through this channel,” he said.
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Olukoyede explained that while cryptocurrencies and digital tokens are not illegal, criminals are now using them to hide stolen wealth and carry out scams.
“Another rising criminal engagement that has the potential to outpace even money laundering is virtual assets and investment scams,” he said.
He also warned that fake investment platforms and Ponzi schemes are growing rapidly and defrauding many Nigerians who are looking for quick returns.
“Every exploitation of investors in any guise is considered a fraudulent act,” he stated.
Olukoyede said the public must be more careful.
“Many victims of CBEX might have avoided losses if they had done proper checks. No investment scam can succeed without the negligence of investors,” he added.
Despite these new threats, he assured Nigerians that the EFCC is ready to tackle the problem.
“Our proactive, broad-based training and intelligence are already exposing these schemes. We have enormous proofs of operational successes, especially our breakthrough in the investigation and prosecution of the infamous CBEX scam,” he said.
He called on financial experts to educate the public on how these digital assets work so that fraudsters no longer take advantage of people’s ignorance.
“The window of ignorance which fraudulent operators are exploiting to dupe innocent Nigerians must be closed,” he said.
Olukoyede concluded by encouraging everyone to join hands in fighting corruption and protecting Nigeria’s economy.