…says virtual assets like cryptocurrencies and digital tokens are not illegal by nature.
Makurdi, Nigeria – The iNews Times reports that as part of activities to mark the 2025 African Union (AU) Anti-Corruption Day, the Economic and Financial Crimes Commission (EFCC) has raised the alarm over the growing threat of virtual asset fraud and illicit investment schemes across Africa, describing them as serious obstacles to the continent’s economic development.
The EFCC, at a public lecture held in Makurdi, Benue State, themed “Understanding Virtual Asset Fraud,” called for increased public awareness and vigilance against emerging digital financial crimes.
The Zonal Coordinator of the Commission, Mr. Anselem Ozioko who delivered the keynote address on behalf of the EFCC Chairman Mr. Ola Olukoyede, said that illicit financial flows remain a major impediment to Africa’s progress, with losses running into billions of dollars annually.
“While money laundering remains a significant problem, we are now seeing virtual assets and investment scams pose even greater risks,” Olukoyede said.
“Virtual assets like cryptocurrencies and digital tokens are not illegal by nature, but they become tools of crime when misused.”
The EFCC boss also warned that corrupt politicians are now exploiting digital currencies to conceal stolen funds and evade detection.
“Fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies,” he said.
He pointed to the Commission’s recent takedown of the CBEX fraud scheme as an example of EFCC’s resolve and capability in tackling high-tech financial crimes.
Olukoyede further identified investment scams, particularly Ponzi schemes, as one of the most widespread forms of fraud in Nigeria, often fueled by poor investor awareness.
“These scams thrive because of public ignorance or complicity,” he noted. “Unfortunately, many victims only report to the EFCC after they have been defrauded. The key lesson here is that vigilance and due diligence are essential.”
Mr. Anselem Ozioko, who also serves as the EFCC’s Makurdi Zonal Director, in an interactive session with stakeholders, stressed the importance of public participation in combating digital fraud.
He urged victims and whistleblowers to report suspicious platforms and applications, assuring that the federal government’s whistleblower policy guarantees a 10 percent reward on any successfully recovered funds.
Also addressing participants, the Chairman of the Nigeria Union of Journalists (NUJ), Benue State chapter, Comrade Bemdoo Ugber, pledged the union’s continued support in promoting transparency and accountability.
“These are core journalistic values that align closely with the EFCC’s mission,” Ugber said.
The event drew a wide range of participants, including students, security personnel, journalists, and members of the civil society, all of whom engaged in robust discussions on how best to protect the public from evolving digital financial crimes.
