Nigeria’s EFCC Warns of Crypto Risks, Calls for Regulatory Oversight

Nigeria's Economic and Financial Crimes Commission (EFCC) has raised alarms about the unchecked growth of cryptocurrency activities in the country. Executive Chairman Ola Olukoyede, speaking through senior Chief of Staff Michael Nzekwe, emphasized that without proper regulation, Nigeria's financial system faces significant risks of abuse.

The warning came during a meeting with the Blockchain Technology Association of Nigeria (SiBAN) at EFCC headquarters in Abuja. SiBAN President Obinna Iwuno expressed willingness to collaborate with regulators, signaling a potential path toward structured oversight.

Cryptocurrency's role as a financial empowerment tool in Nigeria remains contentious. While offering economic opportunities, its unregulated nature presents systemic vulnerabilities that authorities aim to address through forthcoming regulatory frameworks.