The Economic and Financial Crimes Commission (EFCC) has ramped up its efforts to combat cryptocurrency-related fraud across Nigeria, deploying advanced investigative tools and technology to trace illicit transactions and apprehend offenders.
According to Coker Oyegunle, Head of Advance Fee Fraud at the EFCC, the agency now leverages sophisticated blockchain analysis to track illegal funds. Recent operations have led to the arrest of a significant syndicate involved in crypto fraud and the recovery of substantial stolen assets. Oyegunle shared these updates at a capacity-building workshop for journalists and civil society organizations in Port Harcourt on Thursday.
Speaking on “Understanding Cryptocurrency Fraud and Other Emerging Financial Crimes,” Oyegunle emphasized the EFCC’s leading role in crypto-crime enforcement, noting the commission’s mandate to investigate financial offenses and freeze accounts linked to illegal activities.
He explained, “Cryptocurrency is a form of digital money that exists only online, secured by blockchain technology. Unlike traditional currency, it’s intangible and can be transferred globally without the involvement of banks. Notable cryptocurrencies include Bitcoin, Ethereum, and USDT (Tether), each serving unique functions within the digital economy.”
Oyegunle highlighted that while cryptocurrencies and digital finance technologies have revolutionized global commerce by enabling decentralized and fast transactions, these features can also be exploited by criminals for fraud, money laundering, and other illicit activities.
He noted the rise in digital financial crimes, with perpetrators using advanced technologies such as artificial intelligence, decentralized finance platforms, and privacy-enhancing tools. “Victims often become aware of fraud only after their funds are inaccessible. Phishing scams are prevalent, involving deceptive websites, emails, or apps to steal private wallet keys or login credentials,” Oyegunle warned.
To address these challenges, Oyegunle outlined Nigeria’s increasingly coordinated regulatory approach, involving multiple agencies. The Securities and Exchange Commission (SEC) oversees regulation, while the EFCC serves as the lead law enforcement body for investigation and prosecution. The regulatory environment has evolved from outright prohibition of crypto dealings to a formalized, regulated sector under the 2025 Investments and Securities Act.
He reiterated the EFCC’s frontline position in crypto-crime enforcement, use of cutting-edge blockchain analysis, and collaboration with the Nigeria Police Force Cybercrime Unit to investigate and prevent cyber financial offenses.
At the same workshop, Hassan Saidu, Acting Director of the EFCC Port Harcourt Directorate, underscored the agency’s recognition of the critical roles played by the media and civil society in curbing cybercrime. Saidu stated that the rise of cryptocurrency fraud and related cyber offenses demands a proactive response, with public awareness being essential to protect vulnerable citizens from falling victim to scams.
He clarified that cryptocurrency as a business remains legal in Nigeria, but the EFCC is committed to prosecuting those who exploit the system for fraudulent purposes. Saidu urged the public to remain vigilant and informed to avoid being deceived by cybercriminals.
