“Fraudulent Politicians now Hiding Loot in Cryptocurrencies” – EFCC Chairman

The Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised concerns over the increasing use of cryptocurrency and other virtual assets by corrupt politicians to conceal stolen public funds. Speaking through the Commission’s Zonal Director, Hanafi Sa’ad, at an event marking Africa Anti-Corruption Day in Gombe State, Olukoyede revealed that some politically exposed individuals are exploiting digital currencies to evade detection by anti-graft agencies.

According to Olukoyede, EFCC investigations show that illicit wealth is now being stored in digital wallets, with payments for services increasingly processed through blockchain platforms. He warned that these developments are complicating efforts to trace financial transactions and recover stolen assets. “Fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies,” he said.

The EFCC Chairman assured Nigerians that despite the complexity of digital financial crimes, the Commission is well-equipped to combat them. He cited the successful investigation and prosecution of the CBEX scam as evidence of the EFCC’s growing capacity to tackle virtual asset fraud. “Virtual assets fraud and investment scams are not hard nuts to crack. Proactive and broad-based training and intelligence are bringing fraudulent schemes to the fore,” he stated.

Olukoyede also expressed deep concern over the rapid spread of investment fraud across Africa, with Ponzi schemes and deceptive investment platforms preying on vulnerable individuals. He noted that investor negligence often enables fraud to flourish. “No investment scam can succeed without the negligence of investors,” he said, urging the public to conduct due diligence and report suspicious transactions before falling victim to scams.

He emphasized the need for increased financial literacy and public awareness about the risks associated with virtual assets and investment schemes. “Virtual assets and investment fraud, like other fraudulent activities, are preventable. The escape route is adequate knowledge and understanding of issues involved,” he added.

Encouraging participants at the forum to engage in honest and factual discussions, Olukoyede called for expert input to educate the public on digital assets and financial risks. “The window of ignorance which fraudulent investment operators are opening to defraud innocent members of the public should be closed,” he said.

In a related presentation, Austine Adache, Head of Investigation at the EFCC, stressed the importance of verifying investment offers and avoiding pressure to make quick financial decisions. He advised Nigerians to seek professional guidance, stay informed, and protect their personal information to avoid falling for scams.