As part of activities marking the Africa Anti-Corruption Day, the Executive Chairman of the Economic and Financial Crimes Commission EFCC, Mr. Ola Olukoyede, has raised the alarm over the growing threat of virtual assets fraud and investment scams in Nigeria and across the continent.
He stare this in Kaduna at EFCC Zonal office during an interactive forum to commemorate the Day.
The EFCC Chairman who was represented by Acting Zonal Director EFCC Kaduna Zonal Directorate, Bawa Usman Kaltungo highlighted how Africa continues to grapple with the devastating effects of corruption, particularly illicit financial flows, which he described as a major obstacle to development.
He said the continent loses billions of dollars annually to illicit financial transfers, with money laundering being the most prevalent form.
However, Mr. Ola Olukoyede warned that virtual assets fraud, especially through cryptocurrencies and digital tokens, is fast emerging as a bigger challenge.
“Virtual assets themselves are not inherently criminal,” he clarified. “It is their fraudulent or illegal use that makes them tools for corruption. Unfortunately, criminals have found ways to abuse this innovative technology, using it to hide illicit wealth, evade detection, and facilitate fraudulent investment schemes.”
The EFCC Chairman noted that some politicians have already begun using cryptocurrency to conceal stolen public funds and to evade the investigative reach of anti-corruption agencies.
According to him, digital wallets are now being used to warehouse unexplained wealth, while payments for questionable services are increasingly made through blockchain-enabled platforms.
Olukoyede said the EFCC is not overwhelmed by these trends. Rather, the Commission has made notable strides in exposing and prosecuting such fraudulent activities, citing the successful investigation of the infamous CBEX scam as a key example.
“Virtual asset and investment fraud are not hard nuts for the EFCC to crack,” he stated. “Through proactive intelligence and broad-based training, we are recording operational breakthroughs in these areas.”
He also expressed concern over the widespread nature of investment scams, such as Ponzi schemes, across Africa. These, he said, exploit the desperation and vulnerability of unsuspecting investors.
He emphasized that all fraudulent exploitation of investors—regardless of disguise—is criminal.
Drawing from the CBEX case, Olukoyede cautioned the public about the dangers of investing without due diligence. He noted that many victims fail to report suspicious activities to the EFCC until they have already lost money.
“No investment scam can succeed without a degree of negligence by investors,” he said. “The public must be more cautious, informed, and proactive.”
He reaffirmed the EFCC’s commitment to engaging stakeholders in its preventive and investigative efforts, stressing that adequate public awareness is key to combating virtual asset and investment fraud.
“The solution lies in knowledge,” he added. “Today’s forum offers us the opportunity to exchange ideas and dissect these complex issues. Experts must educate participants on the technicalities of virtual assets so we can close the window of ignorance that scammers are exploiting.”
Mr. Olukoyede concluded by urging participants to be frank and constructive in their contributions, hoping the forum would lead to deeper understanding and stronger collective action against the menace.
COV: Adamu Yusuf
