Economic and Financial Crimes Commission (EFCC) has raised the alarm over surging cryptocurrency-related crimes, disclosing that illicit digital currency transactions worldwide topped $160 billion last year.
EFCC Chairman, Ola Olukoyede, voiced the concern yesterday during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria (2026–2030) in Abuja.
Mr Olukoyede warned that criminals are increasingly using digital currencies like Bitcoin to shuttle funds across borders without detection. He attributed the rise to rapid technological advances, weak regulations, and loopholes in global financial systems, which have bred cyber-enabled financial crimes.
The EFCC boss called for coordinated national strategies, robust institutions, and intelligence-led enforcement to combat the menace.
He noted that the new UNODC programme arrives at a pivotal moment, as Nigeria grapples with threats from organised crime, cybercrime, and illicit financial flows. Describing it as a key platform, he said it would bolster the rule of law, enhance the criminal justice system, and shield citizens from financial and violent crimes.
In his remarks, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Aliyu, urged stronger inter-agency collaboration. Mr Aliyu highlighted Nigeria’s linked challenges—violent extremism, smuggling, organised crime, and illicit financial flows—stressing that no single agency can tackle them alone.
