EFCC Raises Red Flag on Crypto Crime, Pushes for Stronger Controls

The chairman of the Nigerian Financial and Monetary Crimes Fee (EFCC), Ola Olukoyede, on Friday warned that crypto-related crime within the nation is rising, as criminals now use digital belongings to hold out unlawful actions. 

On the launch of the United Nations Workplace on Medicine and Crime (UNODC) Nation Programme in Abuja, Nigeria, he mentioned this pattern is making it tough for authorities to hint and cease such crimes.

He additionally mentioned greater than $160 billion was misplaced globally in 2025 attributable to illicit transactions involving digital currencies, in accordance with an area report. 

Olukoyede explains why criminals are turning to crypto

In accordance with Olukoyede, prison networks are profiting from the velocity and ease of transferring cash utilizing new applied sciences, in addition to gaps in governance and weaknesses in international monetary programs.

He mentioned that as a result of some crypto transactions don’t clearly present who’s sending or receiving the cash, it turns into tough for regulation enforcement businesses to trace them.

“Tackling these challenges requires coordinated nationwide responses, robust establishments and sustained intelligence-driven methods,” Olukoyede mentioned.

EFCC launches program to strengthen Nigeria’s response

The chairman added that the UNODC program comes at a time when Nigeria and different international locations are dealing with critical and altering crime issues. These embrace transnational organized crime, which implies crimes that occur throughout totally different international locations, and cyber-enabled offenses, that are crimes carried out utilizing computer systems or the web. 

Different points talked about embrace illicit monetary flows, which check with the unlawful motion of cash from one place to a different.

Olukoyede described this system as a strategic effort to strengthen the rule of regulation and shield establishments and communities from violence, crime, and monetary corruption. He added that its deal with combating corruption and unlawful monetary flows is vital as a result of financial and social affect of such crimes in Nigeria.

“The crucial of sustained motion to show the tide can’t be overstated,” he mentioned, stressing the necessity for steady effort to scale back these crimes.

Nigerian authorities workforce as much as cease crypto crime

Crypto-related crime in Nigeria shouldn’t be new, because the nation is without doubt one of the world’s most lively crypto markets. Stories counsel Nigeria processed an estimated $96 billion in crypto transactions in 2025, making it a major hub for exercise.

In January, authorities reported that about six fintech firms and a number of other microfinance banks had been reviewed for allowing suspicious transactions to be carried out via their system with out correct checks. About N162 billion in Nigerian foreign money, together with N187 billion in different fraud proceeds, had been processed with out correct verification.

On the occasion, the Chairman of the Unbiased Corrupt Practices and Different Associated Offences Fee (ICPC), Musa Aliyu, mentioned there’s a want for stronger cooperation amongst businesses. He defined that Nigeria is coping with many issues on the identical time, together with violent crime, smuggling, and corruption.

“There’s a widespread level of reality, Nigerian society is entangled with many ills, and no company can struggle them alone,” Aliyu mentioned.

He warned that these issues additionally have an effect on the justice system and mentioned no nation may be secure if such points proceed. Nevertheless, he mentioned working along with native and worldwide companions may help Nigeria overcome these challenges.

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