The Economic and Financial Crimes Commission has warned of rising cryptocurrency-related crimes, revealing that illicit digital currency transactions exceeded $160 billion globally in 2025.
The disclosure was made on March 27 in Abuja by EFCC Chairman Ola Olukoyede during the inauguration of the United Nations Office on Drugs and Crime Country Programme for Nigeria (2026–2030).
The UNODC is a United Nations agency focused on combating illicit drugs, transnational crime, corruption, and terrorism. Its country programme for Nigeria is designed to strengthen institutions, support law enforcement, and address emerging security and financial crime challenges through coordinated international efforts.
What they are saying
Anti-corruption agencies say the rapid growth of digital finance has created new vulnerabilities, with criminal networks exploiting cryptocurrencies to move illicit funds across borders.
- “Last year, the world lost over 160 billion dollars to illicit transactions in cryptocurrencies,” Olukoyede said.
He stressed that addressing the growing threat requires stronger collaboration and institutional capacity.
- “Tackling these challenges requires coordinated national responses, strong institutions and sustained intelligence-driven strategies.”
Also speaking, Musa Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission, highlighted the complexity of Nigeria’s security and corruption challenges, noting that no single agency can address them alone.
- “There is a common point of truth, Nigerian society is entangled with many ills, and no agency can fight them alone,” he said, while reaffirming the need for inter-agency collaboration.
More insights
The newly launched UNODC Country Programme for Nigeria (2026–2030) provides a strategic framework to tackle crime, corruption, and security threats at both national and regional levels.
It recognises Nigeria’s central role in addressing transnational organised crime, drug trafficking, and terrorism, while guiding support to federal, state, and local authorities.
- “The programme serves as a framework to address both current and emerging needs in Nigeria… Its overarching aim is to uphold and strengthen the rule of law, foster regional cooperation, and protect vulnerable groups and communities from the impacts of drugs and crime,” the report noted.
Key priorities of the programme include strengthening criminal justice systems, combating corruption and illicit financial flows, enhancing security and counter-terrorism efforts, tackling organised crime, and improving responses to drug trafficking and related health challenges.
What you should know
The warning comes amid rising cases of cryptocurrency-related crimes in Nigeria, which ranks among the highest globally in crypto adoption.
In January, Nairametrics reported that the EFCC linked a new-generation commercial bank, six fintech firms, and some microfinance banks to a N162 billion fraud involving crypto transactions.
- “It is particularly worrisome that cryptocurrency transactions amounting to N162 billion passed through a new-generation bank without any form of due diligence,” said EFCC spokesperson Wilson Uwujaren at the time.
Authorities have also raised concerns about the role of foreign actors in cybercrime. The UNODC previously warned that Asian crime syndicates behind a multibillion-dollar cyber scam industry are expanding operations into Africa.
In one major operation in December 2024, the EFCC arrested 792 suspects, including 148 Chinese nationals, in a large-scale crackdown on cyber-enabled financial crimes.
With digital finance expanding rapidly, regulators say stronger oversight, intelligence-sharing, and global cooperation will be critical to curbing the growing threat of crypto-related financial crimes.
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