Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the growing use of cryptocurrencies and virtual assets by corrupt politicians to conceal illicit wealth and evade anti-corruption crackdowns.
Speaking in Abuja on Thursday at an event commemorating Africa Anti-Corruption Day, Olukoyede described illicit financial flows as one of the most significant threats to Africa’s development, with money laundering and digital fraud at the forefront.
“These flows are coming from diverse criminal activities, with money laundering ranking as the highest,” Olukoyede said. “Another rising criminal engagement that has the potential to outpace even money laundering on the continent is virtual assets and investment scams.”
He explained that while virtual currencies such as Bitcoin and digital tokens are not inherently illegal, they have become convenient tools for laundering stolen public funds.
The EFCC boss revealed that findings from the commission show that some politicians are now exploiting the anonymity and decentralised nature of cryptocurrency platforms to stash looted funds and avoid detection.
“Our findings showed that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies,” he stated.
Olukoyede’s warning highlights the urgent need for stricter regulatory frameworks around digital assets in Nigeria and across the continent, especially as Africa continues to see a rapid rise in crypto adoption.
He reiterated the EFCC’s commitment to adapting its investigative tools and deepening collaboration with international partners to trace and recover stolen assets, even when hidden in digital wallets.
