…the cryptocurrency crime programme also aligns with the reform vision of the Inspector-General of Police.
LAGOS, NIGERIA — The iNews Times reports that the Police Special Fraud Unit (PSFU), Ikoyi, has intensified its response to the growing threat of digital financial offences through a high-level cryptocurrency crime training conducted in collaboration with the United States Internal Revenue Service Criminal Investigation (IRS-CI).
The specialized cryptocurrency crime training, held on Friday at the Sunday Adewusi House in Ikoyi, was supported by the United States Consulate in Lagos. Authorities say the initiative is designed to equip Nigerian detectives with cutting-edge skills needed to investigate, trace, and prosecute complex cyber-enabled financial crimes linked to digital assets.
According to a statement issued by the unit’s spokesperson, Ovie Ewhubare, on behalf of the Commissioner of Police in charge of the unit, CP Eloho Okpoziakpo, the cryptocurrency crime training reflects a strategic effort to modernize investigative capabilities in response to emerging global financial crime trends.
Okpoziakpo explained that the rapid adoption of cryptocurrencies worldwide has created new opportunities for legitimate financial innovation, but has also opened doors for fraudsters, money launderers, and cybercriminal networks.
“The rise of digital currencies has introduced new dimensions to financial crimes. It is imperative for our officers to stay ahead of these evolving trends to ensure effective investigation and prosecution,” he said.
The iNews Times gathered that the training focused on cryptocurrency tracing techniques, digital asset analysis, blockchain investigation methods, and intelligence-driven strategies for combating cyber-enabled fraud.
The cryptocurrency crime programme also aligns with the reform vision of the Inspector-General of Police, Mr Olatunji Disu, who has consistently emphasized the need for an intelligence-led, proactive, and technology-driven police force.
Under this framework, law enforcement agencies are encouraged to strengthen partnerships with international institutions to tackle transnational crimes, particularly those involving digital assets that easily cross borders.
Financial crime experts note that cryptocurrencies, while decentralized and encrypted, are not entirely anonymous. Blockchain technology records transactions permanently, meaning that trained investigators can trace digital footprints when equipped with the right tools and expertise.
By investing in cryptocurrency crime training, the Police Special Fraud Unit aims to close knowledge gaps and improve Nigeria’s ability to respond effectively to digital financial threats.
Globally, cryptocurrency-related crimes have surged in recent years, ranging from ransomware attacks and Ponzi schemes to investment fraud and illicit cross-border transfers.
In Nigeria, the growing adoption of digital assets for trading, remittances, and online transactions has created both economic opportunities and regulatory challenges. Fraudsters often exploit limited public understanding of blockchain technology to lure victims into fake investment platforms promising unrealistic returns.
The Police Special Fraud Unit, which is responsible for investigating complex financial crimes including cyber-related offences, has increasingly encountered cases involving digital wallets, tokenized assets, and decentralized finance platforms.
The cryptocurrency crime training therefore serves as a proactive response to a shifting criminal landscape.
The involvement of the United States Internal Revenue Service Criminal Investigation division underscores the importance of international cooperation in tackling cryptocurrency crime.
IRS-CI is globally recognized for its expertise in forensic accounting, blockchain analytics, and tracking illicit financial flows across jurisdictions. Its collaboration with Nigerian authorities signals a strengthening of bilateral ties in the fight against financial crimes.
The United States Consulate in Lagos provided support for the programme, further reinforcing diplomatic and law enforcement cooperation between both countries.
Observers say such partnerships are critical because cryptocurrency crimes often involve multiple countries, making cross-border intelligence sharing essential for successful investigations.
According to officials, participants in the cryptocurrency crime training were exposed to, the structure and operational mechanics of cryptocurrencies, blockchain transaction tracing methodologies, digital asset seizure procedures, regulatory frameworks governing crypto activities, evidence preservation in cyber investigations.
Detectives were also trained on emerging investigative tools used to analyze suspicious wallet addresses and identify transaction patterns associated with fraud and money laundering.
Okpoziakpo expressed confidence that the knowledge gained would enhance both investigation and prosecution processes, ensuring that digital evidence meets courtroom standards.
One of the key challenges in cryptocurrency crime cases is translating technical digital evidence into legally admissible proof. Without proper training, investigations can falter during prosecution.
The cryptocurrency crime training therefore places emphasis not only on detection but also on building cases strong enough to secure convictions.
Legal analysts note that as Nigeria’s fintech sector expands, regulatory clarity and enforcement capacity must grow in tandem to prevent abuse of digital financial systems.
The iNews Times understands that this initiative forms part of broader efforts to modernize Nigeria’s policing strategy in the digital era. Intelligence-led policing relies heavily on data analysis, cyber expertise, and inter-agency cooperation.
By strengthening its capacity to tackle cryptocurrency crime, the Police Special Fraud Unit is positioning itself to better respond to sophisticated financial networks operating in cyberspace.
Authorities have indicated that similar training programmes may be extended to other units across the country as part of ongoing reforms.
As digital currencies continue to reshape global finance, law enforcement agencies face the complex task of balancing innovation with regulation and enforcement.
At The iNews Times, we will continue to monitor developments in Nigeria’s evolving cybersecurity and financial crime landscape, bringing readers timely and credible updates on efforts to combat cryptocurrency crime.
