July 11, 2025 | Abuja — Mr. Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has raised the alarm that fraudulent politicians and corrupt individuals are increasingly storing stolen funds in cryptocurrency wallets to evade detection.
Speaking during Africa Anti‑Corruption Day in Kaduna, Olukoyede warned that masked behind the rapid evolution of virtual assets, these kits of corruption are turning cryptocurrencies and blockchain-based tokens into “warehouse wallets” for illicit wealth. He noted that this method enables them to “beat the investigative dragnets” of anti‑graft agencies .
He further cautioned that “virtual assets fraud and investment scams” are emerging as central threats in Africa’s financial crime landscape, rivaling and potentially surpassing traditional money laundering techniques.
