The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has said that Nigerian politicians and public office holders now hide funds stolen from the coffers of the government in cryptocurrencies.
Speaking at an event to mark the Africa Anti-Corruption Day in Gombe State, Olukoyede said politicians are using virtual assets to conceal illicit funds and perpetrate investment fraud.
Represented by the Zonal Director DCE Hanafi Sa’ad, the EFCC chairman said these politicians and scammers use virtual assets to evade investigation by the anti-graft agencies.
According to Olukoyede, these individuals have perfected their craft in moving illicit funds to crypto wallets and other assets to evade scrutiny.
His words, “Our findings show that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies.
Stolen funds and unexplained wealth are being warehoused in wallets and payments for services are being done through this window. Investment schemes are also being facilitated through it,” he said.
He, however, assured Nigerians that the EFCC is fully equipped to tackle such threats.
“For us at the EFCC, virtual assets fraud and investment scam are not hard nuts to crack. Proactive and broad-based training and intelligence are bringing fraudulent schemes to the fore,” he declared.
