Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that some corrupt Nigerian politicians are now using cryptocurrency platforms to conceal stolen public funds and evade detection by anti-graft agencies.
Olukoyede raised the alarm on Thursday during an event commemorating Africa Anti-Corruption Day, which was simultaneously held and monitored in Abuja, Lagos, and Ibadan.
According to the EFCC boss, investigations have uncovered a growing trend of fraudulent public officials stashing illicit wealth in cryptocurrency wallets and using virtual assets to conduct illegal financial transactions.
“Virtual asset fraud is on the rise,” Olukoyede stated. “Our findings show that fraudulent politicians are perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative radar of anti-corruption agencies. Stolen funds and unexplained wealth are being warehoused in wallets and payments for services are being done through this window.”
Other speakers at the event also expressed concern over the increasing rate of cryptocurrency scams targeting Nigerians. They cited the recent CBEX scam, which saw unsuspecting investors lose over N1.3 trillion, as a stark example of the dangers associated with unregulated virtual asset platforms.
