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Nigeria’s EFCC Targets Banks Over Crypto Fraud Involvement

Nigeria’s EFCC Targets Banks Over Crypto Fraud Involvement

Author:

Global Cryptocurrency

Published:

2026-01-24 09:04:02

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BTCCSquare news:

Nigeria’s Economic and Financial Crimes Commission (EFCC) has intensified scrutiny on financial institutions allegedly facilitating cryptocurrency-related scams. Director of Public Affairs Wilson Uwujarem revealed that billions of naira have been lost to fraudulent schemes involving digital assets, with one bank alone processing N162 billion in suspicious crypto transactions.

Investigations uncovered systemic failures in due diligence, including a single customer operating 960 accounts for illicit purposes. The EFCC has identified a new-generation bank, six fintech firms, and multiple microfinance banks as enablers of these crimes. Over N18.7 billion in investment scams and N162 billion in crypto-linked fraud have been traced so far.

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