Crime

EFCC Chairman Warns: Politicians Using Cryptocurrency to Conceal Illicit Wealth

Published by Tope Fakinlede on July 11th, 2025.

EFCC Chairman Warns: Politicians Using Cryptocurrency to Conceal Illicit Wealth

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has sounded the alarm over a troubling new method adopted by corrupt Nigerian politicians—using cryptocurrency to hide stolen funds and escape detection.

According to Olukoyede, the anti-corruption agency has discovered that some public officials involved in financial crimes are increasingly turning to digital wallets to store looted assets and conduct illegal transactions away from traditional financial monitoring systems.

He made this disclosure on Thursday during an event marking Africa Anti-Corruption Day, which was simultaneously observed in Abuja, Lagos, and Ibadan, and covered by The PUNCH.

“Some of these individuals also exploit the credibility of reputable people and organizations to legitimize their fraudulent activities,” Olukoyede stated.

He emphasized the need to raise public awareness around the risks and realities of virtual fraud and cryptocurrency misuse. “Many Nigerians are still unaware of how these digital scams work. Those who were victims of platforms like CBEX may fall for similar scams again because they’re chasing quick financial gains,” he added.

Also speaking at the event, the Oyo State Sector Commander of the Federal Road Safety Corps, Rosemary Alo—represented by DCC OPS, Olugbesan—noted that collaborative efforts in monitoring vehicle movements, particularly through the crackdown on unregistered and cloned number plates, have played a key role in curbing illicit financial activities and recovering criminal proceeds.