The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed the Commission’s readiness to combat crimes related to virtual assets and cryptocurrencies, amid a growing wave of online investment fraud and digital scams across Nigeria.
Speaking at the 2025 African Union Anti-Corruption Day Lecture held at the EFCC headquarters in Abuja, Olukoyede urged Nigerians to exercise caution, warning that many investment scams succeed due to investors’ negligence and failure to conduct basic due diligence.
“No investment fraud can succeed without the negligence of investors,” he stated. “Nigerians must stop rushing into get-rich-quick schemes without asking the right questions.”
He cited the infamous CBEX scam as a prime example of how fraudulent schemes exploit public ignorance, and stressed the need for greater financial literacy.
Olukoyede also raised alarm over the increasing misuse of cryptocurrencies by corrupt politicians to hide illicit funds and evade investigations.
“Politicians are now stashing looted funds in crypto wallets to escape detection. But the EFCC is not backing down—we are ahead of the game,” he said.
He emphasized that while virtual assets are not inherently illegal, they are being exploited for criminal activities, and the EFCC is committed to regulating and prosecuting offenders.
Representing the Governor of the Central Bank of Nigeria, Deputy Governor Muhammad Sani Abdullahi disclosed that Nigeria recorded over $56 billion in crypto transactions between July 2022 and June 2023, making it the highest in Africa.
However, he warned that financial fraud rose by 45%, with 70% of losses linked to digital platforms, including Ponzi-like schemes disguising as legitimate investment platforms.
Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, echoed these concerns, saying the misuse of virtual assets poses a threat to economic stability and investor confidence.
“Fraudulent activities tied to crypto and other digital tools undermine market integrity and scare away genuine investors,” he said.
He called for stronger regulations, public enlightenment, and enhanced cooperation with global financial watchdogs.
Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, praised the EFCC’s efforts and emphasized the human cost of financial crime.
“Every naira stolen through digital fraud deprives a community of basic needs. We are committed to changing the mindset of our people through advocacy,” he said.
Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, also warned that digital innovations, while beneficial, are increasingly being used for money laundering and financial manipulation.
“We’re collaborating with regulators to identify shell companies and track suspicious financial activities,” he noted.
Red Flags and Public Awareness
In a detailed presentation, Dein Whyte, Head of EFCC’s Cybercrime Section, explained the nature of virtual assets, such as Bitcoin, Ethereum, Ripple, and NFTs, and how they are exploited by criminals.
He outlined common red flags of fraudulent schemes and urged the public to be cautious of platforms that offer guaranteed or exaggerated returns with little transparency.
Simultaneous anti-corruption awareness sessions were held across all EFCC zonal offices to mark the occasion.
