Olukoyede Drops Bombshell: Nigeria’s Stolen Funds Now Flowing Through Blockchain Networks

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that some corrupt Nigerian politicians are now leveraging cryptocurrencies to conceal stolen funds.....KINDLY READ THE FULL STORY HERE▶

Olukoyede made this disclosure on Thursday, during an event held to mark Africa Anti-Corruption Day.

According to him, the EFCC has uncovered a troubling trend where public officials are increasingly using crypto wallets to store embezzled government funds and carry out illicit financial transactions.

Other speakers at the event also expressed concern over the growing rate of cryptocurrency-related fraud in Nigeria, citing the recent CBEX scam, which reportedly cost Nigerians over ₦1.3 trillion.

Olukoyede said:

“Virtual asset fraud is escalating. Our investigations show that corrupt politicians are devising ways to shield their loot using cryptocurrencies, taking advantage of the digital blind spots that make tracking such assets difficult for anti-corruption agencies.

“Stolen wealth is being tucked away in digital wallets, and services are increasingly being paid for using these channels.”

While acknowledging that virtual assets have revolutionized global finance, Olukoyede warned that they have also opened new frontiers for money laundering and other financial crimes.

He added:

“Technology is advancing at a lightning pace globally. The emergence of virtual assets addresses one of money’s core roles—as a store of value.

“Yet, as with many innovations, fraudsters are quick to exploit their legitimate uses for criminal gain.”

Despite these challenges, the EFCC boss assured Nigerians that the agency is not overwhelmed. He said the commission is staying ahead through specialized training and strategic intelligence sharing, which have helped it track and investigate such schemes effectively.

“For the EFCC, virtual asset fraud and investment scams are far from insurmountable. Through proactive training and intelligence gathering, we are exposing and tackling these sophisticated schemes,” he concluded.