Nigeria’s leading anti-corruption agencies have sounded the alarm over a sharp rise in financial crimes linked to digital currencies, warning that the rapid expansion of cryptocurrency usage is being exploited by criminal networks.
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, highlighted the growing concern during the launch of the United Nations Office on Drugs and Crime Country Programme for Nigeria (2026–2030) held in Abuja.
Global Losses Hit $160 Billion
Olukoyede revealed that illicit activities involving cryptocurrencies led to global losses exceeding $160 billion in 2025 alone. He noted that digital assets, including Bitcoin, are increasingly being used by criminal groups to move funds across borders while evading traditional financial oversight.
According to him, the evolving nature of technology, combined with weaknesses in governance structures and financial systems, has created opportunities for organised crime to thrive in the digital space.
He stressed that tackling such sophisticated threats requires coordinated national strategies, stronger institutions, and intelligence-driven enforcement mechanisms.
Need for Stronger Institutional Response
The EFCC chairman described the newly launched UNODC programme as a timely initiative aimed at strengthening Nigeria’s ability to combat financial crimes, corruption, and other transnational threats.
He explained that the programme is designed to reinforce the rule of law by improving the efficiency of the criminal justice system and protecting communities from the damaging effects of economic crimes.
Olukoyede added that curbing illicit financial flows remains a critical priority for the EFCC, given the significant economic and social consequences these crimes impose on the country.
He also acknowledged the long-standing partnership between the EFCC and the UN agency, noting that previous collaborations have enhanced operational capacity and supported key reforms within the commission.
ICPC Calls For Action
Similarly, the Chairman of the Independent Corrupt Practices Commission, Musa Aliyu, emphasized the need for stronger cooperation among institutions to address Nigeria’s complex security and corruption challenges.
Aliyu pointed out that the country is currently dealing with multiple interconnected issues, including organised crime, illicit financial flows, smuggling, and violent extremism.
He warned that no single agency has the capacity to tackle these challenges alone, stressing the importance of collaboration at both national and international levels.
Rising Threats to National Security
The ICPC chairman further noted that the growing wave of financial and cyber-enabled crimes poses serious risks to Nigeria’s justice system and overall security. He cautioned that societies facing such widespread criminal activity cannot maintain long-term stability without decisive intervention.
Despite these concerns, Aliyu expressed optimism that coordinated efforts and strategic partnerships would help Nigeria overcome these challenges.
International Collaboration Key
Both agency heads praised the UNODC initiative as a crucial step toward strengthening institutional frameworks and improving governance across the country.
They highlighted the importance of global cooperation in tackling cross-border financial crimes, noting that partnerships with international organisations have played a significant role in enhancing Nigeria’s enforcement capabilities.
Aliyu described the programme as both timely and necessary, given the scale of the threats facing the nation, and reaffirmed his commission’s commitment to working closely with local and international stakeholders.
Looking Ahead
As cryptocurrency adoption continues to grow, Nigerian authorities are increasingly focused on balancing innovation with security. The warnings from both the EFCC and ICPC underscore the urgent need for robust regulatory frameworks and collaborative action to curb misuse.
With stronger partnerships and improved oversight, officials believe Nigeria can better protect its financial system while adapting to the realities of a rapidly evolving digital economy.
