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Nigerian Politicians Hide Stolen Funds in Crypto, Says EFCC Chief
Last Updated: July 15, 2025
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Key Takeaways
- Nigeria’s EFCC said corrupt politicians are using crypto wallets to hide stolen public funds from investigators;
- Over $56 billion in crypto transactions were recorded in one year, but fraud is also rising, with digital platforms driving 70% of cases;
- Regulators have discovered over 30 crypto Ponzi schemes as officials warn that public involvement is worsening financial crime.
Nigeria’s Economic and Financial Crimes Commission (EFCC) chair, Ola Olukoyede, raised concerns about how cryptocurrencies are being used to conceal corrupt money.
At an event for African Union Anti-Corruption Day, he explained that some politicians transfer stolen public funds into crypto wallets to evade detection by investigators.
Olukoyede said, "Our findings showed that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies".
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He added that payments for services are also being made through these channels to keep transactions off the radar.
While investment scams remain a major problem, Olukoyede stated that the involvement of public officials has made the situation worse. Cryptocurrencies allow them to transfer money quickly and across borders without leaving much of a trail.
The Central Bank of Nigeria governor, Olayemi Cardoso, also spoke at the event. He pointed out that Nigerians made over $56 billion worth of crypto transactions between July 2022 and June 2023.
He acknowledged that while the popularity of crypto is rising, it is also creating more opportunities for fraud. Figures from the central bank’s 2024 Financial Stability Report showed that fraud cases in the financial system rose by 45%. About 70% of these cases came from digital platforms, including cryptocurrency exchanges.
Nigerian regulators have already identified over 30 Ponzi schemes involving cryptocurrencies.
Meanwhile, New Zealand recently banned crypto ATMs nationwide and limited overseas cash transfers. Why? Read the full story.
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