By George Omagbemi Sylvester
The Economic and Financial Crimes Commission (EFCC) has raised a red flag over the explosive growth of cryptocurrency-related crime, warning that criminals are increasingly using digital assets like Bitcoin to move illicit funds across borders with minimal detection. EFCC Chairman Ola Olukoyede said the scale of the threat is no longer theoretical — it is now a full-blown global financial danger.
The warning was issued on Monday, March 30, 2026, during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria (2026–2030) in Abuja. According to Olukoyede, more than $160 billion was lost globally in 2025 through illicit cryptocurrency transactions, as cybercriminals continue to exploit weak regulations, technological loopholes, and gaps in the international financial system.
Crypto is becoming the new laundering highway for modern crime. From fraud and ransomware to cross-border financial theft, digital currencies are giving criminals speed, anonymity, and reach that many enforcement institutions are still struggling to match.
The EFCC says Nigeria cannot afford to treat this as a passing trend. Without stronger regulation, better intelligence, and deeper global cooperation, the future of financial crime may become even more borderless, invisible, and devastating.
Leave a Reply