The Economic and Financial Crimes Commission (EFCC) Chairman has raised the alarm over how corrupt politicians now hide stolen funds in cryptocurrencies and fake investment platforms.
EFCC Chairman Ola Olukoyede gave the warning on Wednesday, July 10, 2025, during a public event in Lagos to mark Africa Anti-Corruption Day. His message was delivered by Mr. Ahmed Ghali, Acting Zonal Director of the EFCC Lagos Office.
“Fraudulent politicians are now hiding stolen funds in crypto wallets to avoid detection by anti-corruption agencies,” Olukoyede said.
Olukoyede explained that although virtual assets like Bitcoin are not illegal, many use them to mask illicit transactions.
He added that public officials are now using fake investment platforms to launder public funds and evade investigations.
He emphasized the need for public education and digital enforcement tools .
“Fraud like this is preventable. The first step is awareness and timely action,” he said.
Olukoyede urged Nigerians to take responsibility by verifying investment offers before committing money. According to him, many scams succeed because victims fail to do due diligence or report suspicious activity in time.
“Scams often work because people don’t ask questions or report early. By the time we’re alerted, the money is gone,” he warned.
Two top EFCC officials ACE I Abbah Sambo and CSE Alex Ogbole delivered technical presentations on how scammers operate. They explained how fraudsters exploit digital finance platforms and the tools the EFCC now uses to trace such transactions.
They also highlighted challenges in tracking crypto-related fraud but stressed that the commission is making steady progress.
The EFCC ended the session with a call for stronger collaboration. Financial experts, regulators, and everyday Nigerians were urged to report suspicious transactions early and educate others on how to spotcrypto fraud theirselves.
“Closing the gap of ignorance is how we win this fight,” Olukoyede concluded