The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised alarm over the growing threat of virtual asset and investment scams across Africa.
He warned that fraudsters are increasingly leveraging digital technologies to exploit unsuspecting investors.
The warning was delivered through the Ilorin Zonal Director of the EFCC, Mr. Daniel Isei, at a public lecture marking the 2025 African Union Anti-Corruption Day held at Ilorin, Kwara State.
The Africa Anti-Corruption Day, marked annually on July 11, is aimed at raising awareness about the dangers of corruption and mobilizing collective action to combat it. This year’s theme focuses on the evolving nature of financial crimes in the digital age.
In a thought-provoking address titled “Understanding Virtual Assets & Investment Scam,” Olukoyede said Africa’s fight against corruption is being undermined by a surge in illicit financial flows, with money laundering and virtual asset fraud topping the list.
He explained that virtual assets, including cryptocurrencies and digital tokens, are not inherently criminal but become dangerous tools in the hands of fraudsters.
“Technology is advancing rapidly, and while virtual assets were created for legitimate financial innovation, criminals are exploiting them for money laundering and fraudulent investments,” he said.
Olukoyede pointed to recent investigations that revealed politicians and corrupt individuals hiding stolen funds in cryptocurrency wallets to evade detection.
“Politicians hiding stolen funds in cryptocurrency wallets “
He also warned about the growing trend of fraudulent investment schemes using virtual assets to lure desperate investors with promises of quick returns.
Highlighting the infamous CBEX scam, the EFCC Chairman cited it as a case study of how ignorance and negligence among investors can fuel the success of fraudulent schemes.
“The CBEX case showed how failure to conduct due diligence and report suspicious transactions on time can lead to devastating losses. No investment scam can succeed without the negligence of the investing public,” he said.
Despite the increasing complexity of virtual asset fraud, Olukoyede assured the public that the EFCC remains a step ahead through proactive intelligence, training, and operational breakthroughs.
He noted that the agency has already recorded significant successes in the investigation and prosecution of such crimes.
He emphasized the need for public enlightenment and stakeholder collaboration to tackle the menace.
“Virtual asset and investment fraud are preventable. The key is education, vigilance, and timely reporting. This interactive forum is a step in the right direction,” Olukoyede said.
The EFCC Chairman also called on experts at the forum to demystify virtual assets for the benefit of ordinary Nigerians and help close the “window of ignorance” that fraudsters exploit.
In his presentation, an Assistant Chief Superintendent of the EFCC, ACE II James Allison, emphasized the growing vulnerability of Nigerians to digital investment scams and cryptocurrency-related frauds.
In his lecture titled “Understanding Virtual Assets and Investment Fraud”, Allison outlined how fraudsters are exploiting virtual assets such as cryptocurrencies, NFTs, and unregulated investment platforms to defraud unsuspecting members of the public.
“Fraudsters are increasingly taking advantage of people’s lack of understanding of virtual assets. They dangle unbelievable returns on investment, create fake trading platforms, and often vanish without a trace once they secure their victims’ money,” he explained.
To protect themselves, he advised members of the public to “research thoroughly before investing, verify regulatory compliance, and never trust unsolicited offers.” He ended with a strong caution: “If it sounds too good to be true, it’s probably a fraud.”
He urged participants to engage in open and fact-based discussions, emphasizing that fighting corruption and financial fraud is a shared responsibility.
In his remarks, the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari, who was represented by the Balogun Alanamu of Ilorin, Dr Usman Atolagbe Abubakar Jos, noted that most people who are victims of financial fraud are greedy themselves.
According to him, most people, including market men and women, have also been duped due to ignorance and greed.
The traditional ruler assured that they would embark on enlightenment programmes to discourage people from falling victim to fraudsters.