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From Dooshima Terkura, Makurdi
The Economic and Financial Crimes Commission (EFCC) on has decried the growing menace of virtual asset fraud and illicit investment schemes, saying they are fast becoming major threats to Africa’s economic stability.
The Executive Chairman of the EFCC, Mr. Ola Olukoyede, disclosed this during the public lecture to mark the 2025 African Union Anti-Corruption Day in Makurdi, Benue State capital,
The theme, “Understanding Virtual Asset Fraud.”
Olukoyede who was represented by the Zonal Coordinator of the commission, Mr Anselem Ozioko, decried the growing menace of illegal online schemes and cautioned Nigerians against virtual asset fraud and illicit investment schemes.
According to him“Illicit financial flows remain a monstrous challenge to African development, with annual losses running into billions of dollars. While money laundering continues to dominate, virtual assets and investment scams are quickly emerging as even greater risks,” he warned.
He explained that while virtual assets such as crypto currencies and digital tokens are not inherently illegal, they become criminal when misused.
According to him, “fraudulent politicians are already perfecting schemes and hiding their loot in crypto currencies to beat the investigative dragnets of anti-corruption agencies.”
Mr. Olukoyede cited the commission’s successful crackdown on the CBEX scam as proof of the EFCC’s capacity to tackle such crimes.
He described investment fraud, including Ponzi schemes, as one of the most pervasive threats, made possible in part by the negligence of investors.
“Investment scams cannot thrive without the complicity or ignorance of the public. “Unfortunately, most investors do not carry out due diligence and only report to the EFCC after being defrauded. The lesson is that vigilance is key.”
In an interactive session, the Makurdi Zonal Director of the EFCC, Anselem Ozioko emphasized the importance of public cooperation.
He encouraged victims and whistleblowers to report suspicious digital applications and schemes to the commission reminding participants that the federal government’s whistleblower policy guarantees a 10 percent reward upon recovery of stolen funds.
Also speaking, the Chairman of the Nigeria Union of Journalists (NUJ) in Benue, Comrade Bemdoo Ugber, pledged the union’s support in promoting transparency and demanding accountability, core values of journalism that align with the EFCC’s mission.
The participants were drawn from security personnel, students, journalists, and other stakeholders, who engaged actively in discussions on safeguarding the public against emerging financial crimes.
