10-7-2025
Economic and Financial Crimes Commission chairman, Ola Olukoyede, has revealed that politicians and corrupt individuals have devised a new way of embezzling money undetected.
He said financial crime perpetrators now invest in cryptocurrency wallets to evade detection that could lead to arrest and unending trials.
Olukoyede, in his opening remarks in Ilorin, Kwara State, on Thursday, said, “There are recent investigations that have shown that politicians and corrupt individuals now hide stolen funds in cryptocurrency wallets to evade detection.”
Olukoyede, represented by the Ilorin zonal director, Daniel Isei, also alerted Nigerians to the growing threat of virtual asset and investment scams.
He warned that fraudsters are increasingly leveraging digital technologies to exploit unsuspecting investors.
“Technology is advancing rapidly, and while virtual assets were created for legitimate financial innovation, criminals are exploiting them for money laundering and fraudulent investments,” he said.
Speaking at a public lecture sponsored by the commission’s Ilorin command to mark the 2025 African Union Anti-Corruption Day at Ilorin, he explained that the annual Africa Anti-Corruption Day is to raise awareness about the dangers of corruption and mobilise collective action to combat it.
On this year’s theme that focuses on the evolving nature of financial crimes in the digital age, Olukoyede, in his a address titled: “Understanding Virtual Assets and Investment Scam,” lamented that Africa’s fight against corruption is undermined by a surge in illicit financial flows, with money laundering and virtual asset fraud topping the list.