EFCC CHAIRMAN SAYS CORRUPT POLITICIANS HID STOLEN FUNDS IN CRYPTOCURRENCY

EFCC CHAIRMAN SAYS CORRUPT POLITICIANS HID STOLEN FUNDS IN CRYPTOCURRENCY

Corrupt politicians are now using cryptocurrencies to stash stolen public funds and dodge investigations, warns EFCC Chairman Ola Olukoyede.

Speaking at the AU Anti-Corruption Day event in Ibadan, Olukoyede revealed that virtual assets—while legal—are increasingly exploited for money laundering and fraudulent schemes. The EFCC has seen a sharp rise in crypto wallets holding unexplained wealth linked to politicians and is tackling the issue through intelligence and training.

Olukoyede urged investors to stay vigilant, avoid Ponzi schemes, and report suspicious activities promptly. He stressed that public awareness and proactive anti-fraud measures are key to stopping digital scams before they escalate.

Criminology expert Prof. Oludayo Tade echoed the warning, advising Nigerians to beware of unrealistic digital investment promises and celebrity-endorsed scams, which often lure victims repeatedly due to ignorance.

The event brought together security officials, civil society, youth groups, and government advisers, all emphasising the need for stronger fraud prevention and enforcement.

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