The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has alerted the public that some corrupt Nigerian politicians are now concealing their illegal wealth in cryptocurrencies to avoid detection by anti-graft agencies.

Olukoyede explained that the EFCC had identified a rising pattern in which dishonest public officials were using cryptocurrency wallets to hide embezzled funds and carry out illicit financial transactions.

He disclosed this on Thursday during an event marking Africa Anti-Corruption Day.

The event, monitored by The PUNCH, was held concurrently in Abuja, Lagos, and Ibadan, Oyo State.

Other speakers at the gathering expressed concern that Nigerians frequently fall victim to crypto-related scams, including the CBEX fraud, which saw citizens lose more than N1.3tn.

Olukoyede stated, “Virtual asset fraud is on the rise. Our findings show that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative blackness of anti-corruption agencies. Stolen funds and unexplained wealth are being warehoused in wallets and payment for services are being done through this window.”

He cautioned that although virtual assets have revolutionised global financial transactions, they have also opened new channels for money laundering and economic crimes.

He said, “Technology is moving at a supersonic speed around the world. The advent of virtual assets is a response to one of the qualities of money as a store of value like it is known in our elementary economies. However, as with every progressive innovation, fraud starts to usually evolve, evolve ways of perverting their genuine purposes.”

Olukoyede noted that the EFCC was not overwhelmed by these new methods, as ongoing training and intelligence collaboration had empowered the commission to detect and pursue such activities.

“But for us in the EFCC, virtual asset fraud and investment scams are not hard nuts to crack. Proactive and broad-based training and intelligence are bringing fraudulent schemes to the fore,” he said.

At the Lagos event, Olukoyede, represented by Chief of Staff/Lagos Zonal Director, Lagos Zonal Directorate 1, C. E. Michael Nzekwe, noted that virtual assets had become powerful tools for fraudsters and corrupt officials.

He observed that crypto fraud was growing both in Nigeria and across Africa, with criminals taking advantage of the anonymity and borderless features of blockchain platforms.

He pointed out that although virtual assets were created for convenience and as a value store, some individuals had repurposed them for illegal use.

Speaking in Ibadan, where the event was held at the Jagz Hotel conference hall, Olukoyede, represented by Acting Zonal Director of the Ibadan Zonal Directorate, Hauwa Ringin, said virtual asset fraud was spreading rapidly across Africa, much like investment fraud.

In Abuja, Muhammad Abdullahi, Deputy Governor of Economic Policy, representing Central Bank of Nigeria Governor Yemi Cardoso, revealed that Nigeria had witnessed a surge in crypto transactions, raising systemic financial risks.

He said over $56bn worth of crypto transactions were recorded in Nigeria between July 2022 and June 2023.

He said, “In Nigeria, over $56bn in crypto-related transactions were recorded between July 2022 and June 2023, making the country Africa’s digital transaction leader.”

However, he warned that this expansion had negative consequences.

He cited the CBN’s 2024 Financial Stability Report, which showed a 45% increase in financial fraud, with 70% of recorded losses linked to digital platforms and unregulated virtual asset services.

“Furthermore, over 30 Ponzi-style investment schemes exploiting digital currency narratives have been flagged by the SEC and other agencies,” he said.

He warned that these trends could tarnish Nigeria’s image on the international financial scene.

“These developments pose major risks, including loss of consumer confidence, weakening of financial integrity, and reputational challenges for Nigeria in the global financial system,” he said.

Cardoso noted that the CBN and the Securities and Exchange Commission had established a joint task force to oversee the virtual asset space, with backing from the EFCC and the Nigerian Financial Intelligence Unit.

He said, “We have intensified our regulatory and supervisory responses in several critical areas. Namely, on virtual accounts, following an extensive review of the operations of virtual accounts by deposit money banks and their fintech partners, we uncovered systemic weaknesses. These include poor KYC, knowing of customer practices, and insufficient transaction monitoring. We have acted to ensure that all firms strengthen KYC processes, improve oversight of fintech partnerships, and adhere to AML-CFT obligations.”

Cardoso also said the CBN was collaborating with the EFCC to develop a National Virtual Asset Wallet to store confiscated digital assets.

He emphasised the need for public education, particularly targeting youths who are often misled by fraudulent investment platforms.

“Technology-driven financial crimes are borderless, faceless, and fast-moving. Combating them requires strong institutions and coordinated action,” he said.

In Lagos, anti-fraud expert Kaina Garba explained key concepts surrounding virtual assets.

He described cryptocurrencies and tokens as digital forms of value that could be transferred online but are different from traditional money or securities like stocks.

Garba cautioned that the growth of digital finance had led to new crimes, including Ponzi schemes disguised as crypto projects, fake coin launches, phishing of crypto wallets, and laundering funds via crypto mixers.

“Criminals now exploit virtual assets to defraud unsuspecting investors. Many disappear with people’s hard-earned money after marketing fictitious tokens or projects,” he said.

He noted that while crypto had been unregulated in Nigeria in the past, the new Investment and Securities Act 2025 had created a legal framework for oversight.

He said the EFCC had responded by enhancing cybercrime units, investing in digital forensics, and increasing local and global collaboration.

Speaking for the SEC, Divisional Head of Legal and Enforcement, John Achile, reaffirmed the agency’s responsibility under the 2025 Investment and Securities Act.

“The SEC has a dual responsibility: investor protection and market development. With digital assets now legally recognised, we are regulating this space through structured incubation programmes and licensing procedures,” Achile stated.

He said the SEC had formed a Digital Asset Division and designed two streams—accelerated and managed—for evaluating applicants’ business models before granting licences.

“We do not just issue licences. We engage prospective exchanges or service providers to understand their operations and determine compliance before approval,” he explained.

In Ibadan, during a lecture themed “Understanding Virtual Asset and Investment Fraud,” criminology professor Oludayo Tade said, “People fall victim to fraud. What can we do? We need to ensure that anything too good to be true is a red flag. It’s a red flag because you know that we are in Nigeria and you know the condition of things. You know that even if you invest in a bank, the returns cannot be 50 per cent and somebody is offering you that to happen within a week. Another thing that they do is also to use the image, the reputation of individuals and organisations to launder their fraudulent tactics. But to prevent virtual fraud, virtual assets, you need to increase and improve on awareness level. How many Nigerians are aware of it? I’m very sure that those who fell victim to CBEX would find another scheme that is coming and will still join because people are looking for opportunities.”

In a goodwill message, Oyo State Sector Commander of the Federal Road Safety Corps, Rosemary Alo, represented by DCC OPS, Olugbesan, noted that joint efforts to monitor vehicle movement, especially against unregistered, fake, or cloned number plates, had helped disrupt illicit financial flows and aided the recovery of criminal proceeds.

Troops of Operation Hadin Kai have killed 24 Boko Haram/ISWAP terrorists in coordinated operations across Borno and Adamawa states.

The defence operations, which spanned between July 4 and 9, featured ambushes, clearance patrols, and close air support in Platari, Komala, Kawuri, Madarari, Leno Kura, Ngoshe-Gava, Ngoshe-Ashigashiya, Amuda-Gava, Bula Marwa, and Pambula, Ngailda, Manjim, and Wulle villages.

Also, the 223 Light Battalion successfully repelled a large-scale attack by over 400 bandits on Ribah town in Kebbi State.

The swift military response in Kebbi led to the neutralisation of several bandits, recovery of weapons, and return of normalcy to affected communities.

A statement by the Acting Deputy Director, Army Public Relations Headquarters, Theatre Command Operation Hadin Kai, Capt Reuben Kovangiya, on Thursday, said the operations in Borno involved a collaboration between land and air components of OPHK, Civilian Joint Task Force and hunters.

The statement read, “In continuation of the series of coordinated offensive operations across the North East Theatre of operations, troops of Operation Hadin Kai (OPHK), bolstered by close air support from the Air Component and collaboration with Civilian Joint Task Force and hunters, have carried out successful kinetic operations against Boko Haram/ISWAP terrorists in theatre between 4 to 9 July 2025, eliminating several terrorists.

“In one of the ambushes conducted at Platari on 4 July 2025, the gallant troops, while lying in wait, made contact with JAS/ISWAP terrorists mounted on bicycles moving from the Sambisa Forest axis to the Timbuktu Triangle.

“The terrorists were immediately subdued with heavy fire, leading to the neutralization of three terrorists.”

It added that “Following intelligence on movements of the insurgents around Komala general area, troops sprang another ambush on the terrorists, neutralising another fighter.

“On exploitation of the general area, troops recovered motorcycles and spare parts, knapsack sprayers, pesticides, and terrorists’ food items.”

The statement said troops conducted a night ambush on the same day at terrorists’ hideouts around the Kawuri general area in Konduga Local Government where they came into contact with the insurgents.

“Consequently, two terrorists conveying logistics were immediately eliminated, while others fled with gunshot wounds. Troops also recovered packets of salt, food seasoning, detergents, and other sundry items,” it said.

It added, “In the same vein, troops on 5 July 2025, intercepted terrorists attempting to access the Madarari Internally Displaced Persons (IDPs) camp in Konduga Local Government Area.

“The troops swiftly engaged the insurgents, killing one terrorist, while others escaped with traces of gunshot wounds. Troops subsequently recovered several rounds of ammunition during the exploitation of the area.

“In another development, troops conducted a fighting patrol to terrorists’ enclaves at Leno Kura. Resultantly, the troops came into contact with the insurgents and engaged them with simultaneous gunfire from different directions.

“Accordingly, three terrorists met their waterloo, while troops continued to exploit the area.”

It stated that “Furthermore, on 6 July 2025, troops carried out a night ambush at a suspected terrorists’ crossing point along the roads Ngoshe-Gava, Ngoshe-Ashigashiya, as well as Amuda-Gava areas. Troops made contact, and an insurgent was neutralised while others fled.

“On 7 July 2025, troops sprang another ambush following an intelligence report close to Sabsawa village. During the operation, troops made contact with terrorists’ logistics suppliers and successfully neutralised two insurgents.

“On the exploitation of the area, the gallant troops recovered bicycles, sacks of slippers, several torchlights, batteries, detergents, salt, and rubber shoes, amongst other sundry items.”

Speaking on the July 8 operations, the statement said, “Troops in conjunction with the Civilian Joint Task Force, under close air support provided by the Air Component of OPHK, conducted clearance operations at Bula Marwa, a known ISWAP/JAS enclave.

“In the course of the operation, the troops eliminated an insurgent and recovered a gun, and terrorists’ uniforms, while their life-supporting structures were totally destroyed.

“Additionally, troops, in a joint operation with hunters and the Civilian Joint Task Force, conducted a fighting patrol at terrorists’ hideouts at Pambula village in Madagali Local Government Area of Adamawa State.

“During the patrol, contact was made with JAS/ISWAP terrorists, who were immediately engaged with a high volume of fire, forcing the terrorists to disperse in disarray.

“Consequent upon the firefight, the troops neutralised a terrorist, recovering four motorcycles and his weapon. The determined troops continued exploiting the general area to rid it of any terrorist activities.”

Also on July 8, the statement said troops, at Bula Marwa, neutralised a terrorist fighter, while others fled, adding that a gun and terrorists’ uniforms were recovered.

“On 9 July 2025, troops in joint operations with the Civilian Joint Task Force conducted a clearance operation in the JAS/ISWAP enclave at Tangalanga and Bula Marwa.

“After a heavy firefight, three insurgents were eliminated. Terrorists’ life-supporting structures in the camp were also destroyed completely. Troops recovered six AK 47 rifles, 47 magazines and ninety rounds of 7.62mm ammunition during the exploitation of the area.

“In furtherance of the offensive operations, troops in conjunction with CJTF conducted an ambush at Ngailda, Manjim and Wulle villages, where contact was made with the insurgents.

“Following the contact, troops successfully eliminated six terrorists while others fled in disarray. Items recovered by the troops during exploitation included motorcycles and bicycles,” it added.

Reuben said the killing of 24 insurgents with close air support underscored the determination, collaboration, and concerted efforts by the troops of Operation Hadin Kai to ensure terrorists were placed on the back foot, to create a conducive environment for socio-economic activities to thrive in the North East region.

The Nigerian Army’s 223 Light Battalion, Zuru, also successfully repelled a large-scale attack by over 400 armed bandits on Ribah town in Danko Wasagu Local Government Area of Kebbi State.

The daring operation, which took place on Wednesday, saw the troops respond swiftly to the invasion, as they engaged the attackers in a fierce gun duel that lasted several hours.

Eyewitnesses described the scene as a battlefield, with the superior firepower and tactics of the army ultimately forcing the bandits to retreat in disarray.

Military sources confirmed that many of the bandits were neutralised during the exchange, while others fled with injuries, abandoning a cache of weapons and ammunition.

The Director of Security at the Kebbi State Cabinet Office, Alhaji Abdulrahman Zagga, while addressing newsmen on Thursday, lauded the courage and professionalism of the soldiers.

“The troops displayed uncommon bravery. Their swift response and combat efficiency turned what could have been a major disaster into a remarkable victory,” he said.

Zagga also applauded the Nigerian Air Force for its timely intervention and aerial support, which he said inflicted heavy casualties on fleeing bandits and disrupted their escape routes.

“The situation is now fully under control. The people of Ribah can breathe a sigh of relief thanks to the coordinated efforts of our security forces,” he added.

Intelligence reports suggested the attackers were part of the same criminal syndicate responsible for recent attacks in Niger State.

In a related development, troops from the Dukku Barracks repelled another bandit assault on Mera in Augie Local Government Area.

The attackers, identified as Lakurawa bandits, attempted to rustle cattle but met stiff resistance from the Nigerian Army, which forced them to flee empty-handed.

Reacting to the successful operations, Governor Nasir Idris commended the gallantry of the security personnel and reaffirmed his administration’s unwavering commitment to strengthening security across the state.

“These victories are proof that with sustained support and collaboration, our security agencies can defeat banditry and restore peace to our communities,” the governor stated.

Just two days earlier, a joint security operation in the same Danko Wasagu axis led to the rescue of six abducted persons and the recovery of stolen livestock.

Residents of Ribah and Mera expressed relief and gratitude, calling on authorities to maintain the current tempo to prevent future attacks.

Nasir el-Rufai, former governor of Kaduna, has reminded current office holders that their tenure is temporary, urging them to lead with fairness and keep in mind that “power is transient”.

Speaking in Abuja on Thursday during the public unveiling of Mohammed Bello Adoke’s memoir titled “OPL 245: The Inside Story of the $1.3 billion Nigerian Oil Block”, el-Rufai said Adoke, a former attorney-general of the federation and minister of justice, should be praised rather than targeted for his role in strengthening the nation’s democracy.

He noted, “Everyone knows that Mohammed Bello Adoke was one of those that stood and persuaded President Jonathan to actually concede the 2015 elections.”

According to him, “we should actually thank him as the APC government of 2015, not persecute him.”

Reflecting on his time in government, el-Rufai spoke about the betrayals that often come with public service.

He recalled, “About 12 years ago in this hall, I presented ‘The Accidental Public Servant’, which was a record of my experience in public service at the time, which showed how friends abandon you, betray you, and how those that you’ve been good to turn around against you.”

He continued, “And everyone told me I made a mistake, that I will never go near public service again. Because in Nigeria, when you are in government, you eat, you keep quiet, and you come back, and you remain silent.”

El-Rufai said he had no regrets about his service and believed Adoke had no reason to fear scrutiny.

“I don’t think I had anything to hide in public service, yes. I still don’t,” he said.

“And I know Bello Adoke has nothing to hide. So, you can write a book like that and hold your head high, because you know you did nothing wrong while holding public office.”

He encouraged today’s leaders to act with integrity and always remember how brief time in power can be.