Corrupt Politicians Now Hiding Stolen Funds in Cryptocurrency, EFCC Chairman Warns

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concern over a growing trend where corrupt Nigerian politicians are now using cryptocurrencies to conceal illicit wealth and evade detection by anti-corruption agencies.

Speaking on Thursday during an event to mark Africa Anti-Corruption Day—monitored in Abuja, Lagos, and Ibadan—Olukoyede revealed that the EFCC had uncovered a disturbing shift in how fraudulent public officials operate, with many now turning to virtual assets as a safe haven for stolen funds.

“Virtual asset fraud is on the rise,” he said. “Our findings show that fraudulent politicians are perfecting schemes to hide their loot in cryptocurrency wallets in order to escape the scrutiny of anti-graft agencies. Stolen funds and unexplained wealth are now being warehoused in wallets, and payments for services are increasingly being carried out through these platforms.”

The EFCC boss warned that while digital assets have revolutionized global financial transactions, they have also opened up new channels for money laundering and other financial crimes.

“Technology is moving at supersonic speed around the world,” he noted. “The rise of virtual assets responds to one of the core qualities of money—as a store of value. But like many innovations, fraudsters are finding ways to exploit it for criminal purposes.”

Olukoyede assured the public that the EFCC is not helpless in addressing the sophisticated methods being deployed by corrupt individuals. He said the agency is investing in proactive training and international intelligence sharing to tackle virtual asset fraud.

Other speakers at the event also expressed concern over the growing number of Nigerians falling victim to crypto scams. They cited the recent CBEX scandal, where Nigerians reportedly lost over ₦1.3 trillion, as a devastating example.

The EFCC continues to emphasize the need for greater public awareness and regulatory oversight to combat this evolving threat to financial integrity.