EFCC, ICPC raise alarm over rising crypto-linked financial crimes

The Chairman, Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over the growing threat of cryptocurrency-related crimes in the country.

Olukoyede made this known at the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria 2026–2030, on Friday in Abuja.

The EFCC boss revealed that the world lost more than 160 billion dollars to illicit transactions involving digital currencies in 2025.

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Olukoyede highlighted the risks posed by cryptocurrencies such as Bitcoin.

He noted that criminal networks were increasingly exploiting technological advancements, global financial systems, and governance gaps to facilitate illicit activities.

“Last year, the world lost over 160 billion dollars to illicit transactions in cryptocurrencies.

”Tackling these challenges requires coordinated national responses, strong institutions and sustained intelligence-driven strategies,” he said.

He said that the UNODC programme came at a time when Nigeria and the global community were grappling with evolving threats from transnational organised crime, financial crimes, illicit financial flows, and cyber-enabled offences.

Olukoyede said the programme represented a strategic foundation for collective efforts to strengthen the rule of law.

This, he said, included enhancing the criminal justice system and protecting institutions and communities from violence, crime, and financial corruption.

He noted that the programme’s focus on combating corruption and illicit financial flows was particularly significant to the EFCC, given the enormous economic and social costs of such crimes on Nigeria.

“The imperative of sustained action to turn the tide cannot be overstated,” he said.

The EFCC chairman expressed pride in the commission’s longstanding partnership with UNODC, stating that the collaboration had strengthened institutional capacity and improved Nigeria’s response to economic and financial crimes.

He said the partnership had supported reforms and operational frameworks that enhanced the agency’s effectiveness in tackling corruption and related offences.

Olukoyede expressed optimism that the programme would further improve national security and safeguard the future of Nigerians through strengthened collaboration and shared operational experiences.

He stressed the need to continuously refine frameworks and ensure that Nigeria’s institutions and citizens remain at the centre of all collaborative efforts.

The EFCC boss commended UNODC for initiating the programme and reaffirmed the commission’s commitment to supporting its implementation to achieve measurable outcomes for Nigeria and the wider region.

The Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Aliyu, SAN, in his remarks, called for stronger collaboration among institutions to address Nigeria’s growing security and corruption challenges.

Aliyu said Nigerian society was currently grappling with multiple social ills, stressing that no single agency could effectively tackle the challenges alone.

According to him, the country faces complex and interconnected threats, including violent extremism, organised crime, illicit financial flows, smuggling, and other serious offences.

“There is a common point of truth, Nigerian society is entangled with many ills, and no agency can fight them alone,” he said.

The ICPC boss noted that these challenges also posed significant threats to the nation’s criminal justice system, warning that no society could remain secure under such conditions.

He, however, expressed optimism that through strategic partnerships and collective efforts, Nigeria could overcome the challenges.

Aliyu described the UNODC Country Programme as timely and appropriate, given the scale and urgency of the issues confronting the nation.

He emphasised the importance of international support, noting that Nigeria’s progress in tackling crime and corruption had been strengthened by its collaboration with global partners, particularly the United Nations.

The ICPC chairman said the partnership between the commission and UNODC had been beneficial to Nigerian society, contributing to efforts aimed at strengthening institutions and improving governance.

He congratulated UNODC on what he described as a significant milestone and a “grand stride” in supporting Nigeria’s fight against crime and corruption.

Aliyu reaffirmed ICPC’s commitment to continued collaboration, assuring stakeholders of the commission’s readiness to work with UNODC and other partners toward national development.

“I assure you of our continued support and willingness to work together for the growth and betterment of Nigeria,” he said.