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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has sounded a warning on the rising wave of virtual asset and investment scams across Nigeria and the African continent. He called for greater public awareness and collaborative stakeholder efforts to confront this growing threat.
Speaking through the Ilorin Zonal Director of the Commission, Mr. Daniel Isei, at a public lecture commemorating the 2025 African Union Anti-Corruption Day, Olukoyede highlighted how fraudsters are exploiting emerging digital technologies to deceive unsuspecting investors.
This year’s Anti-Corruption Day, observed on July 11, centered on the theme of “Understanding Virtual Assets and Investment Scams”, spotlighting the risks posed by digital financial crimes in an increasingly connected world.
Virtual Assets Misused for Crime
Olukoyede acknowledged that while virtual assets such as cryptocurrencies and digital tokens hold legitimate potential for financial innovation, they have also become tools for illicit financial flows, particularly money laundering and fraudulent investment schemes.
“Technology itself is not the enemy,” he said. “But in the wrong hands, virtual assets are now being used to conceal illicit wealth and prey on uninformed investors.”
The EFCC Chairman cited investigations in which corrupt officials and politicians have hidden stolen funds in cryptocurrency wallets to avoid detection. He also referenced cases of fake investment platforms promising unrealistic returns through crypto-based schemes, which have left thousands of Nigerians financially devastated.
CBEX Scheme as Cautionary Tale
Highlighting the notorious CBEX scam, Olukoyede described it as a painful reminder of the dangers of poor due diligence and unchecked investor enthusiasm.
“CBEX exposed a gap in financial literacy and vigilance,” he noted. “No scam succeeds without a degree of investor negligence. The public must learn to ask the right questions.”
Despite the growing complexity of virtual asset fraud, he assured Nigerians that the EFCC is well-equipped to tackle these threats through proactive intelligence, advanced training, and strategic enforcement.
“We are not relenting. The EFCC continues to evolve to stay ahead of cyber-enabled crimes,” he affirmed.
Empowering Nigerians Through Education
Olukoyede emphasized the need for mass public education and timely reporting of suspicious financial activities, noting that prevention remains the most effective approach to tackling scams.
“Virtual asset and investment fraud are not inevitable. They are preventable through awareness, vigilance, and collaboration.”
He also encouraged experts and stakeholders present to help demystify virtual assets, enabling ordinary Nigerians to better understand the risks and avoid becoming victims.
Expert Insights and Red Flags
In a keynote presentation, ACE II James Allison, Assistant Chief Superintendent at the EFCC, detailed how scammers use cryptocurrencies, NFTs, and unregulated investment platforms to mislead the public.
“They exploit people’s limited understanding, offer outrageous returns, and vanish once they’ve fleeced their victims,” Allison said.
He pointed to common red flags, including:
- Guaranteed high returns with little or no risk
- Pressure to act quickly
- Lack of licensing or verifiable registration
- Vague or misleading business information
Allison urged investors to conduct thorough research, verify regulatory status, and avoid unsolicited investment offers.
“If it sounds too good to be true, it probably is,” he cautioned.
Call for Collective Action
The lecture, which brought together stakeholders from civil society, academia, youth groups, security agencies, and the media, underscored the collective responsibility of all Nigerians in combating financial crimes.
The EFCC reaffirmed its commitment to strengthening regulatory safeguards and working with partners across sectors to secure the nation’s financial ecosystem.
“Together, through vigilance and collaboration, we can protect our citizens from digital fraud and build a more transparent, corruption-free Nigeria,” Olukoyede concluded.
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