The Economic and Financial Crimes Commission (EFCC) don announce say dem don increase their effort to catch people wey dey do cryptocurrency fraud across Nigeria.
According to the agency, dem don deploy advanced tools wey include blockchain analysis technology to trace illegal crypto transactions. This new system don already help dem arrest one big syndicate wey dey run crypto fraud and recover plenty stolen money.
The Head of Advance Fee Fraud Department, Coker Oyegunle, talk this one for one training workshop for journalists and civil society groups for Port Harcourt on Thursday.
Oyegunle, wey present one talk titled “Understanding Cryptocurrency Fraud and Other Emerging Financial Crimes,” explain say EFCC dey lead for the fight against crypto-related crime for Nigeria.
He talk say EFCC get the full mandate to investigate financial crimes and fit freeze any account wey dem suspect say e dey linked to illegal activity.
According to am:
Cryptocurrency na digital money wey dey exist only online. E no get physical form and no require bank before you fit send am anywhere for the world. Bitcoin, Ethereum and USDT na common examples.
Blockchain wey be the technology wey dey run the crypto dey transparent and decentralized. But na the same features criminals dey use take do fraud, launder money and run illegal transactions.”
Oyegunle also warn say cybercriminals don dey use more advanced tools like AI, DeFi platforms, privacy-focused apps and global online networks to commit financial crimes.
He say common crypto fraud methods include fake investment platforms, blocked withdrawals and phishing websites wey dey steal private keys and logins.
How Nigeria take Response to Crypto Crime
Oyegunle explain say Nigeria don upgrade the way dem take fight crypto fraud. SEC dey regulate the industry, while EFCC dey lead investigations and arrest. Under the Investments and Securities Act (ISA) 2025, crypto now dey inside formal regulated sector.
He talk say:
EFCC dey use blockchain analysis tools to trace stolen funds. We don carry out major operations wey include arrest of big crypto-fraud groups and recovery of plenty money. NPF Cybercrime Unit dey also work with us to track financial crimes wey dey online.
How EFCC Port Harcourt Directorate Come React
Earlier, the Acting Director for EFCC Port Harcourt office, Hassan Saidu, talk say the workshop show how important media and civil society be to the agency work.
He say crypto fraud and cyber-related offences for Nigeria dey rise fast, and many citizens dey fall victim because dem no get correct information or because of quick-money temptation.
Saidu talk say:
Crypto business itself no illegal for Nigeria. Na the people wey dey use am commit fraud we dey after. We dey urge Nigerians to dey shine their eye well to avoid scammers.
While these agencies dey try, make them no forget say these big big politicians too dey shift massive amount of money.
0 Comments