EFCC And ICPC Sound Alarm Over Surge In Crypto-Related Scams

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has sounded the alarm over the rising threat of cryptocurrency-linked crimes in Nigeria. Olukoyede spoke at the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria 2026–2030 in Abuja, highlighting the global scale of the problem.

According to Olukoyede, the world lost over $160 billion to illicit transactions involving digital currencies in 2025 alone. He warned that criminal networks are increasingly exploiting technological advancements, gaps in governance, and weaknesses in global financial systems to facilitate illegal activities, including those involving cryptocurrencies such as Bitcoin.

“Addressing these challenges requires coordinated national responses, robust institutions, and intelligence-driven strategies,” Olukoyede said. He noted that the UNODC programme arrives at a critical time as Nigeria and the international community contend with evolving threats from transnational organized crime, cyber-enabled offenses, illicit financial flows, and other financial crimes.

The EFCC chairman described the programme as a strategic platform for strengthening the rule of law, enhancing Nigeria’s criminal justice system, and protecting communities and institutions from crime, violence, and corruption. He emphasized the significant economic and social impact of financial crimes on Nigeria, stressing the urgent need for sustained action.

Olukoyede also praised the longstanding partnership between the EFCC and UNODC, noting that the collaboration has bolstered institutional capacity, supported operational reforms, and improved Nigeria’s response to economic and financial crimes. He expressed optimism that the new programme would further enhance national security and safeguard the country’s future through strengthened collaboration and shared expertise.

In his remarks, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Aliyu, SAN, called for closer collaboration among institutions to address Nigeria’s escalating security and corruption challenges. Aliyu noted that the country faces complex, interconnected threats, including violent extremism, organized crime, smuggling, and illicit financial flows, stressing that no single agency can tackle these issues alone.

Aliyu described the UNODC Country Programme as timely and necessary, highlighting the importance of international partnerships in supporting Nigeria’s fight against crime and corruption. He commended UNODC for its initiatives and reaffirmed the ICPC’s commitment to working with global and national partners to strengthen institutions, improve governance, and drive national development.