Amanze ChinonyeChairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised the alarm over the growing trend of politicians and corrupt individuals hiding stolen public funds in cryptocurrency wallets, a development he described as a major challenge to Nigeria’s anti-corruption efforts.
Speaking during an anti-corruption forum in Abuja on Thursday, Olukoyede disclosed that the commission has uncovered multiple instances where individuals under investigation used digital currencies to conceal and transfer illicit funds beyond the reach of traditional financial oversight. According to him, cryptocurrency is increasingly being exploited by politically exposed persons and cybercriminals as a “shadow banking system” for laundering stolen assets.
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“We have found that many politically exposed persons and other corrupt actors now move their looted funds into crypto wallets, making it difficult for law enforcement to trace,” the EFCC chairman said. “This is becoming a sophisticated method of concealing the proceeds of crime.”
Olukoyede emphasised that while blockchain technology offers transparency by design, the pseudonymous nature of many crypto transactions, especially those routed through foreign exchanges or decentralized platforms, creates a barrier for regulators and investigators. He added that the EFCC is now strengthening its capacity to monitor blockchain activities and trace crypto-linked transactions through partnerships with international agencies and the deployment of forensic tools.
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He also warned that cryptocurrency-based money laundering is no longer speculative but a present and growing threat to Nigeria’s financial integrity. “We are not dealing with a future problem; this is happening now, and we are responding with urgency,” he said.
The EFCC chairman called for stronger legal frameworks and regulatory oversight in Nigeria’s digital asset space, urging lawmakers and financial authorities to prioritize crypto compliance as part of the broader war against corruption, terrorism financing, and illicit financial flows.
His remarks come amid rising concerns over the use of digital assets to sidestep anti-money laundering checks, following high-profile investigations involving crypto fraud schemes and unregulated exchanges operating within the country.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
