By Abiola Olawale
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised an alarm over what he described as the growing trend of corrupt Nigerian politicians using cryptocurrency wallets to hide stolen public funds and evade anti-corruption investigations.
Speaking at an event to mark Africa Anti-Corruption Day, Olukoyede highlighted what he called the increasing rise of virtual asset fraud and its threat to the continent’s economic development.
Olukoyede revealed that the EFCC has uncovered sophisticated schemes where public officials allegedly stash illicit wealth in digital wallets, exploiting the anonymity and global reach of cryptocurrencies to launder money and facilitate fraudulent transactions.
Olukoyede revealed: “Virtual asset fraud is on the rise. Our findings show that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative blackness of anti-corruption agencies.
“Stolen funds and unexplained wealth are being warehoused in wallets, and payment for services is being done through this window.”
Olukoyede warned that while the rise of virtual assets had transformed financial transactions globally, it had also created new avenues for money laundering and financial crimes.
He continued: “Technology is moving at a supersonic speed worldwide.
“The advent of virtual assets is a response to one of the qualities of money as a store of value, as it is known in our elementary economics.”
“However, as with every progressive innovation, fraud usually starts to evolve, finding ways to pervert their genuine purposes.”
