…Warns crypto-enabled scams may outpace money laundering
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that virtual assets and investment fraud is fast emerging as one of Africa’s most dangerous criminal threats, with the potential to surpass traditional money laundering.
Olukoyede made the statement in Port Harcourt during the 2025 African Union Anti-Corruption Day celebration, themed: “Virtual Assets and Investment Fraud.” Represented by ACE I Adeniyi Adebayo, Acting Zonal Director of the EFCC Port Harcourt Zonal Command, Olukoyede noted that criminal actors particularly politically exposed individuals are now leveraging cryptocurrency and digital asset platforms to conceal illicit funds.
“Virtual assets are becoming the new frontier for criminal concealment. Findings reveal that corrupt politicians are already using cryptocurrencies to move stolen wealth undetected,” he warned.
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He further disclosed that investment scams involving digital assets are spreading rapidly across Africa, taking advantage of unsuspecting and desperate investors through elaborate fraud schemes.
“It’s not just a Nigerian problem. This is a continental challenge. Fraudsters are exploiting loopholes in digital financial systems to carry out cross-border crimes.”
Despite the growing complexity of these crimes, the EFCC Chairman assured the public that the Commission is not relenting. He cited recent operational successes, especially the investigation and prosecution of the CBEX cryptocurrency scam, as proof of the agency’s growing capacity in tackling virtual asset-related crimes.
“We are ahead in terms of intelligence and training. Our proactive approach is yielding results. Virtual asset fraud is not an impossible challenge,” he said.
The event featured a keynote lecture by Dr. Martha Musa, Head of Cybersecurity, University of Port Harcourt. Her lecture explored the intersection of virtual assets, digital financial systems, and corruption, both within national borders and in global contexts.
She also highlighted modern techniques for investigating cyber fraud.
The commemoration drew participation from top security and civil society stakeholders, including: Yabaji Ibrahim Abdulmajeed, Comptroller, Nigeria Immigration Service, Port Harcourt, S.E. Ntuen, Deputy Comptroller, Nigeria Customs Service, Port Harcourt International Airport.
Representative of Major General E.E. Emeka, GOC, 6 Division, Nigerian Army, CSP Onu Rachel, representative of the Rivers State Commissioner of Police, Oleghe Moses, NYSC Rivers State Coordinator and various Civil Society Organization (CSO) leaders
In their goodwill messages, attendees praised the EFCC for organizing the timely event, and pledged stronger collaboration with the Commission to fight virtual asset and investment fraud across Nigeria and beyond.
