Fraudulent Nigerian politicians are now stashing stolen public funds in cryptocurrency wallets to sidestep anti-graft detection, NaijNaira can report.
Speaking during a lecture to mark African Union Anti-Corruption Day, The Nation quoted EFCC Chairman Ola Olukoyede as saying that digital currencies have become tools for hiding illicit wealth and facilitating scam investments.
“Virtual assets fraud is on the rise,” Olukoyede stated. “Fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies.”
He noted that wallets now store unexplained wealth while payments for fraudulent schemes are processed through crypto channels.
Olukoyede warned that scammers are luring desperate individuals into fake investment ventures using digital tokens and quick-profit promises.
He clarified that while virtual assets are not inherently illegal, they become dangerous in the hands of fraudsters.
“Technology is advancing rapidly, and criminals are exploiting it for money laundering and fraudulent investments,” he said.
He pointed to the CBEX scam as a warning, blaming investor ignorance and late reporting for its success.
“The CBEX case showed how failure to conduct due diligence can lead to devastating losses,” he said.
Olukoyede assured the public that the EFCC is investing in proactive intelligence and staying ahead of these crimes.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
