EFCC chairman: Politicians now hide loot in cryptocurrencies

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says corrupt politicians now hide stolen public funds in cryptocurrencies to evade probes.

The EFCC chairman made the allegation during an AU Anti-Corruption Day event in Ibadan, the capital of Oyo State, on Thursday, July 10, 2025.

Olukoyede, who represented by the EFCC’s Acting Zonal Director in its Ibadan office, Hauwa Ringim, said virtual assets were becoming preferred channel for hiding illicit wealth.

He described virtual assets as digital monetary representations that could be traded or transferred, stressing that while not criminal, they become dangerous when used fraudulently.

Olukoyede lamented Africa’s growing loss to illicit financial flows, listing money laundering and digital fraud schemes as major threats to the continent’s development.

Olukoyede said the EFCC had observed an alarming increase in politicians using cryptocurrency wallets to store unexplained wealth and facilitate fraudulent investment activities.

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The EFCC boss said the anti-graft agency has been addressing the challenge with training and intelligence.

According to him, the commission’s efforts resulted in breakthroughs like the CBEX investment scam investigation as well as prosecution.

Olukoyede warned investors against negligence, saying most scams succeeded due to lack of due diligence and delayed reporting of suspicious transactions to relevant authorities.

Olukoyede added that ponzi schemes remain widespread, with desperate investors easily falling prey to enticing but fake digital investment promises.

The EFCC chairman said virtual assets fraud could be prevented through public awareness, proactive measures, and stakeholder engagement by anti-graft agencies as well as regulators.

Olukoyede added that understanding digital fraud was crucial, urging citizens to acquire knowledge and report shady schemes before they escalate into national scandals.

The Star