The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised the alarm over the growing threat of virtual asset and investment scams across Africa, warning that fraudsters are increasingly leveraging digital technologies to exploit unsuspecting investors.
The EFCC Chairman gave the warning in Abuja on Thursday, during a public lecture on Virtual Asset and Investment fraud, to mark the 2025 African Union Anti-Corruption Day.
The African Anti-Corruption Day, observed annually on July 11, aims to raise awareness about the dangers of corruption and to mobilize collective action against it.
This year’s theme focuses on the evolving nature of financial crimes in the digital age.
Experts note that Virtual Asset Investment fraud refers to scam aimed at deceiving individuals into investing into digital assets such as Cryptocurrency, Defi platforms, among others.
In his address, Olukoyede stated that Africa’s fight against corruption is being undermined by a surge in illicit financial flows, with money laundering and virtual asset fraud on the high side, as he explained that virtual assets, including cryptocurrencies and digital tokens are not inherently criminal but become dangerous tools in the hands of fraudsters.
The EFCC Chairman revealed how Politicians and corrupt individuals hide stolen funds in cryptocurrency wallets to evade detection and warned about the growing trend of fraudulent investment schemes that use virtual assets to lure desperate investors with promises of quick returns.
Other Key players at the event including representatives of the Central Bank of Nigeria (CBN), Securities and Exchange Commission, National Orientation Agency, among others emphasized the need for public enlightenment and stakeholder collaboration to tackle the menace.
The EFCC Chairman assured the public that the anti-graft body is proactive through its intelligence gathering, continuous training and operations as he stresses that the EFCC has already recorded significant successes in investigating and prosecuting such crimes and will not relax on its oars.
Editor: Ken Eseni
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