Report by ALI MUHAMMAD RABIU; Editing by BASIRAT MEMUDU
Nigerians have been warned on the rising threat of virtual asset and investment scams through which fraudsters leveraging digital technologies to exploit unsuspecting investors across Africa.
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, gave the warning at a public lecture marking the 2025 African Union Anti-Corruption Day, themed” focuses on the evolving nature of financial crimes in the digital age” held in Ilorin, Kwara state.
Represented by the Ilorin Zonal Director of the EFCC, Mr. Daniel Isei, the EFCC Chairman said the Africa Anti-Corruption Day is aimed at raising awareness about the dangers of corruption and mobilizing collective action to combat it.
Olukoyede said Africa’s fight against corruption is being undermined by a surge in illicit financial flows, with money laundering and virtual asset fraud topping the list.
He explained that virtual assets, including cryptocurrencies and digital tokens, are not inherently criminal but become dangerous tools in the hands of fraudsters.
“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.
Olukoyede pointed to recent investigations that revealed politicians and corrupt individuals hiding stolen funds in cryptocurrency wallets to evade detection.
He assured the public that the EFCC remains a step ahead through proactive intelligence, training, and operational breakthroughs.
In his presentation, an Assistant Chief Superintendent of the EFCC, ACE II James Allison emphasized the growing vulnerability of Nigerians to digital investment scams and cryptocurrency-related frauds.
Allison outlined how fraudsters are exploiting virtual assets such as cryptocurrencies, NFTs, and unregulated investment platforms to defraud unsuspecting members of the public.
