Nigeria’s EFCC Calls for Stronger Crypto Regulation Amid Fraud Risks

Nigeria's Economic and Financial Crimes Commission (EFCC) has warned that weak cryptocurrency regulation leaves investors vulnerable to fraud and illicit activities. Chairman Abdulrasheed Olukoyede, represented by Chief of Staff Michael Nze, emphasized the dual nature of digital assets during a meeting with the Blockchain Technology Association of Nigeria (SiBAN).

"Cryptocurrency is the engine of global innovation and wealth creation, but in the wrong hands, it becomes a tool for terrorism financing and fraud," Olukoyede stated. The EFCC chief described crypto as "the new oil," acknowledging its economic potential while stressing the urgent need for regulatory frameworks to protect legitimate operators.

The commission expressed particular concern about politically exposed persons and bad actors exploiting crypto for money laundering. Olukoyede urged industry groups like SiBAN to prioritize investor education, noting the thin line between genuine crypto businesses and fraudulent schemes.