The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised fresh concerns over the escalating threat of cryptocurrency-related crimes, warning that digital financial platforms are increasingly being exploited by criminal networks.
Olukoyede sounded the alarm on Friday in Abuja during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria 2026–2030. He disclosed that illicit cryptocurrency transactions accounted for global losses exceeding $160 billion in 2025 alone.
According to him, digital currencies such as Bitcoin have become attractive tools for fraudsters and organised crime groups due to regulatory gaps and the rapid evolution of financial technology.
“Criminal networks are increasingly leveraging advancements in technology, weaknesses in global financial systems and governance loopholes to perpetrate illicit activities,” Olukoyede stated.
He emphasised that tackling the growing menace requires coordinated national strategies, strengthened institutions and intelligence-driven enforcement mechanisms.
The EFCC boss noted that the UNODC programme comes at a critical time when Nigeria and the global community are confronting complex threats, including transnational organised crime, cyber-enabled offences and illicit financial flows.
Describing the initiative as a strategic framework, Olukoyede said it would bolster the rule of law, enhance Nigeria’s criminal justice system and reinforce efforts to combat corruption and financial crimes.
He further highlighted the long-standing partnership between the EFCC and UNODC, noting that it has significantly improved institutional capacity and operational effectiveness in addressing economic and financial crimes.
Also speaking, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Aliyu, called for deeper collaboration among agencies to tackle Nigeria’s growing security and corruption challenges.
Aliyu warned that the country faces interconnected threats ranging from violent extremism and organised crime to smuggling and financial corruption, stressing that no single institution can address these issues independently.
“Nigerian society is grappling with multiple social ills, and no agency can fight them alone,” he said.
He described the UNODC Country Programme as timely and crucial, adding that sustained international partnerships remain key to strengthening governance, enhancing institutional frameworks and improving Nigeria’s overall response to crime.
Both anti-graft agencies reaffirmed their commitment to working with global partners to ensure effective implementation of the programme and to deliver measurable outcomes in the fight against corruption and financial crimes.
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