The Chairman of e Economic and Financial Crimes Commission (EFCC) Mr. Ola Olukoyede, has alleged that corrupt politicians are now hiding stolen public funds in cryptocurrencies to evade probes, reports Business Today NG.
Olukoyede made the allegation during an AU Anti-Corruption Day event on Thursday, 10 July, 2025 in Ibadan, Oyo State capital.
The boss of anti-sleaze agency who was represented at the event by the Acting Zonal Director in its Ibadan office, Hajiya Hauwa Ringim, said that virtual assets were becoming a preferred channel for hiding illicit wealth.
According to Olukoyede, virtual assets as digital monetary representations that could be traded or transferred, stressing that while not criminal, they become dangerous when used fraudulently.
The EFCC boss bemoaned Africa’s growing loss to illicit financial flows, listing money laundering and digital fraud schemes as major threats to the continent’s development.
He added that agency had observed an alarming increase in politicians using cryptocurrency wallets to store unexplained wealth and facilitate fraudulent investment activities.
While stating that the agency was addressing the challenge with training and intelligence, Olukoyede also added that the Commission’s efforts resulted in breakthroughs like the CBEX investment scam investigation as well as prosecution.
The EFCC boss used the occasion warned investors against negligence, saying most scams succeeded due to lack of due diligence and delayed reporting of suspicious transactions to relevant authorities.
According to him, Ponzi schemes remain widespread, with desperate investors easily falling prey to enticing but fake digital investment promises.
Olukoyede also said that virtual assets fraud could be prevented through public awareness, proactive measures, and stakeholder engagement by anti-graft agencies as well as regulators.
He added that understanding digital fraud was crucial, urging citizens to acquire knowledge and report shady schemes before they escalate into national scandals.
