The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised a serious alarm, revealing that some Nigerian politicians are now exploiting the anonymity of cryptocurrency to conceal and launder stolen public funds.
Olukoyede made this startling revelation during an anti-corruption stakeholder engagement, stating that the commission has uncovered several cases where public officials divert looted government money into digital currencies to evade detection by conventional financial surveillance systems.
He emphasized that this new trend poses a significant challenge to the anti-graft war in Nigeria, as cryptocurrencies are often beyond the regulatory scope of financial institutions, making it harder to trace illicit transactions.
We have discovered that some politically exposed persons are moving stolen public funds into crypto wallets. It is now a major method of hiding illicit wealth,” Olukoyede disclosed.He added that the EFCC is ramping up its forensic and blockchain intelligence capabilities to catch up with the rapidly evolving methods of financial crime. According to him, the commission is collaborating with international bodies and tech experts to trace these hidden assets and bring the culprits to justice.
The EFCC boss also called for updated legislation and technological investment to effectively combat digital financial crimes, urging lawmakers to prioritize laws that reflect modern financial realities.
Growing Concern Over Crypto Abuse This revelation comes at a time when Nigeria is already grappling with widespread corruption, a weakened economy, and youth unemployment. Many analysts have noted that the use of cryptocurrency by corrupt officials is a reflection of how desperate and sophisticated economic saboteurs have become.
Olukoyede’s statement has triggered debates across the nation, with civil society organizations demanding swift action and accountability, especially for politicians found culpable.
As the EFCC intensifies its fight against corruption in the digital era, Nigerians are watching to see if these efforts will translate into actual recoveries and convictions—or whether this will be yet another unending chase in the war against corruption.
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