Key Highlights
- The Economic and Financial Crimes Commission (EFCC) says crypto crimes are rising in Nigeria and becoming harder to track.
- The EFCC chairman said over $160 billion was lost globally in 2025 due to illegal cryptocurrency transactions.
- Authorities say stronger cooperation and better systems are needed to fight these growing financial crimes.
The chairman of the Nigerian Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Friday warned that crypto-related crime in the country is increasing, as criminals now use digital assets to carry out illegal activities.
At the launch of the United Nations Office on Drugs and Crime (UNODC) Country Programme in Abuja, Nigeria, he said this trend is making it difficult for authorities to trace and stop such crimes.
He also said more than $160 billion was lost globally in 2025 due to illicit transactions involving digital currencies, according to a local report.
Olukoyede explains why criminals are turning to crypto
According to Olukoyede, criminal networks are taking advantage of the speed and ease of moving money using new technologies, as well as gaps in governance and weaknesses in global financial systems.
He said that because some crypto transactions do not clearly show who is sending or receiving the money, it becomes difficult for law enforcement agencies to track them.
“Tackling these challenges requires coordinated national responses, strong institutions and sustained intelligence-driven strategies,” Olukoyede said.
EFCC launches program to strengthen Nigeria’s response
The chairman added that the UNODC program comes at a time when Nigeria and other countries are facing serious and changing crime problems. These include transnational organized crime, which means crimes that happen across different countries, and cyber-enabled offenses, which are crimes carried out using computers or the internet.
Other issues mentioned include illicit financial flows, which refer to the illegal movement of money from one place to another.
Olukoyede described the program as a strategic effort to strengthen the rule of law and protect institutions and communities from violence, crime, and financial corruption. He added that its focus on fighting corruption and illegal financial flows is important due to the economic and social impact of such crimes in Nigeria.
“The imperative of sustained action to turn the tide cannot be overstated,” he said, stressing the need for continuous effort to reduce these crimes.
Nigerian authorities team up to stop crypto crime
Crypto-related crime in Nigeria is not new, as the country is one of the world’s most active crypto markets. Reports suggest Nigeria processed an estimated $96 billion in crypto transactions in 2025, making it a significant hub for activity.
In January, authorities reported that about six fintech companies and several microfinance banks were reviewed for allowing suspicious transactions to be carried out through their system without proper checks. About N162 billion in Nigerian currency, along with N187 billion in other fraud proceeds, were processed without proper verification.
At the event, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Aliyu, said there is a need for stronger cooperation among agencies. He explained that Nigeria is dealing with many problems at the same time, including violent crime, smuggling, and corruption.
“There is a common point of truth, Nigerian society is entangled with many ills, and no agency can fight them alone,” Aliyu said.
He warned that these problems also affect the justice system and said no country can be safe if such issues continue. However, he said working together with local and international partners can help Nigeria overcome these challenges.
Also Read: New California Order Targets Insider Advantage in Prediction Markets
