How Corrupt Politicians Hide Money in Crypto Wallets-EFCC Boss

At a gathering in Kaduna for Africa Anti-Corruption Day, EFCC Chairman Ola Olukoyede raised the alarm about a rising form of crime. He said that alongside old-school money laundering, criminals are now turning to crypto wallets and digital tokens to stash their loot.

Politicians Stashing Loot in Digital Wallets

Olukoyede explained that some corrupt politicians and fraudsters are moving stolen funds into crypto wallets. By using blockchain-based assets, they can dodge the EFCC’s usual checks. “They are perfecting schemes to warehouse their ill-got gains in digital tokens,” he said.

Along with crypto tricks, shady online investment platforms are popping up across Nigeria. These sites lure people with promises of huge returns and then disappear with their money. Olukoyede called these schemes “Ponzi-type fraud” that prey on people’s hopes.

EFCC Steps Up Its Game

Despite the sharp rise in digital scams, the EFCC is on the case. Olukoyede said the commission has trained its agents to spot virtual-asset fraud. He pointed to recent wins, like the ongoing prosecution of the CBEX scam, as proof that they can break these schemes apart.

The EFCC boss urged Nigerians to do their homework before investing. Too often, victims only seek help after they lose their savings. “No scam can succeed without some negligence by investors,” he warned. Simple steps, like checking credentials and reporting red flags, can stop fraud before it starts.

Educating the Public Is Key

Olukoyede asked financial experts and civic groups to help teach people about crypto and digital safety. He said closing the “window of ignorance” is vital, so scammers have fewer. 

The EFCC chairman called on all stakeholders, banks, tech firms, regulators, and civil society to share information and unite against digital fraud. He believes that only a coordinated effort can shield Nigeria’s economy and restore public trust.