EFCC: Nigerian Politicians Now Hiding Stolen Funds in Cryptocurrency – Olukoyede Warns

Written by Okafor Joseph Afam | Publisher, SpringnewsNG | July 11, 2025

The Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the growing use of cryptocurrencies and digital assets by corrupt politicians to hide stolen wealth and evade detection.

Speaking in Abuja during the 2025 Africa Anti-Corruption Day, Olukoyede described illicit financial flows as a major obstacle to Africa’s development, noting that digital currencies are becoming tools for large-scale financial crimes.

“These illicit financial flows stem from various criminal activities, with money laundering ranking at the top,” he said. “But there’s a fast-rising trend that may soon surpass money laundering—virtual assets and digital investment scams.”

While acknowledging that cryptocurrencies and digital tokens are not inherently illegal, Olukoyede said bad actors, particularly fraudulent politicians, are now using them to conceal looted funds and bypass the scrutiny of anti-corruption agencies.

“Our investigations show that some corrupt politicians are now storing stolen money in cryptocurrency wallets to avoid the EFCC’s investigative radar,” he explained. “Unexplained wealth is being hidden in digital wallets, and payments for illicit services are increasingly being processed via these platforms.”

He also warned that Africa is witnessing a surge in digital investment fraud, such as Ponzi schemes, which target unsuspecting citizens and investors across the continent.

Olukoyede called for stronger regulatory frameworks and international cooperation to tackle the growing threat of digital financial crimes