EFCC warns Nigerians against crypto scams
The Economic and Financial Crimes Commission (EFCC) on Thursday expressed concerns over the growing threat of virtual asset fraud and illicit investment schemes, warning that they pose serious risks to Africa’s economic stability. EFCC Chairman, Ola Olukoyede, handed the warning during a public lecture in Makurdi, the Benue State capital, as part of activities marking […]
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The Economic and Financial Crimes Commission (EFCC) on Thursday expressed concerns over the growing threat of virtual asset fraud and illicit investment schemes, warning that they pose serious risks to Africa’s economic stability.
EFCC Chairman, Ola Olukoyede, handed the warning during a public lecture in Makurdi, the Benue State capital, as part of activities marking the 2025 African Union Anti-Corruption Day.
The event focused on the theme, “Understanding Virtual Asset Fraud.”
Olukoyede, in his keynote address delivered by the Zonal Coordinator of EFCC, Makurdi Office, Anselem Ozioko, said illicit financial flows remain a major obstacle to Africa’s development, with losses running into billions of dollars annually.
“While traditional money laundering remains widespread, virtual asset fraud and digital investment scams are quickly emerging as even greater risks,” he warned.
Ozioko explained that although virtual assets such as cryptocurrencies and digital tokens are not illegal by themselves, they are increasingly being misused for criminal activities.
“Fraudulent politicians are already devising schemes to hide stolen funds in cryptocurrency to evade anti-corruption investigations,” he said.
He also described Ponzi schemes and other investment frauds as among the most pervasive forms of corruption in Nigeria.
During an interactive session, the Makurdi Zonal Commander of the EFCC urged the public to report suspicious digital platforms and schemes as he reminded participants of the federal government’s whistleblower policy, which guarantees a 10 percent reward upon successful recovery of stolen funds.