By OLA MODUPE, Ibadan –
Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has alleged that corrupt Nigerian politicians are now hiding stolen public funds in cryptocurrencies to evade investigations.
Olukoyede, who was represented by the Commission’s Acting Zonal Director in its Ibadan office, Hajiya Hauwa Ringim. made the allegation during an AU Anti-Corruption Day event in Ibadan.
Virtual assets preferred channel for hiding illicit wealth
He stated that virtual assets are becoming a preferred channel for hiding illicit wealth.
“Virtual assets are digital monetary representations that can be traded or transferred, stressing that while not criminal, they become dangerous when used fraudulently,” he said.
Politicians using cryptocurrency wallets
The EFCC boss revealed that the agency has observed an alarming increase in politicians using cryptocurrency wallets to store unexplained wealth and facilitate fraudulent investment activities.
“The EFCC is addressing the challenge with training and intelligence,” he said, adding that the commission’s efforts have resulted in breakthroughs like the CBEX investment scam investigation and prosecution.
Public Awareness Key to Prevention
Olukoyede warned investors against negligence, saying most scams succeed due to lack of due diligence and delayed reporting of suspicious transactions to relevant authorities.
He emphasized that virtual assets fraud can be prevented through public awareness, proactive measures, and stakeholder engagement by anti-graft agencies and regulators.
A professor of Criminology from the University of Ibadan, Oludayo Tade, advised Nigerians to beware of unrealistic digital investment promises that signal fraud.
“Nigerians should avoid schemes offering suspiciously high returns, warning that 50 per cent profit within a week are clear signs of deceit,” he said.
Tade also noted that fraudsters exploit the image of celebrities and influencers to build trust and deceive unsuspecting investors across media platforms.
He called on government agencies to expand public awareness of red flags and fund investigative efforts to punish offenders.
