EFCC Alleges Politicians Now Hide Loot in Cryptocurrency

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has alleged that corrupt Nigerian politicians are now hiding looted public funds using cryptocurrencies. He disclosed this on Thursday during a public lecture held at the EFCC headquarters to mark the 2025 African Union Anti-Corruption Day. The lecture was themed “Understanding Virtual Asset and Investment Fraud.”

Olukoyede said investigations have revealed that some politicians use virtual assets to move and store stolen funds, shielding them from anti-graft agencies. According to him, looted money is now being warehoused in cryptocurrency wallets, while payments for services are made through these digital channels.

He clarified that while cryptocurrency and other digital assets are not inherently criminal, they have become tools of fraud when used maliciously. “Virtual assets are not fundamentally criminal. It is when they are wrongfully or fraudulently used that they become criminal,” he said.

Olukoyede emphasized that the EFCC remains ready to tackle the challenges posed by cryptocurrencies. He cited the Commission’s successful investigation and prosecution of the notorious CBEX scam as proof of its capacity.

He advised the public to be cautious when choosing investment platforms and stressed that the success of fraudulent schemes is often aided by investors’ failure to conduct due diligence. “Investment scams like CBEX can be prevented. But many investors fail to report suspicious transactions until they are defrauded,” he noted.

The EFCC boss warned that Ponzi schemes and other investment frauds are becoming rampant across Africa, taking advantage of vulnerable and desperate investors.