The Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have raised fresh concerns over the rapid rise in cryptocurrency-related financial crimes, warning of growing threats to Nigeria’s economic and security landscape.
EFCC Chairman, Ola Olukoyede, sounded the alarm in Abuja during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria (2026–2030).
He disclosed that illicit cryptocurrency transactions accounted for global losses exceeding $160 billion in 2025, underscoring the scale of the emerging threat.
Olukoyede noted that digital currencies such as Bitcoin are increasingly being exploited by criminal networks, who leverage technological advancements, gaps in governance, and the complexities of global financial systems to perpetrate illicit activities.
He stressed that addressing these challenges requires coordinated national responses, strengthened institutions, and intelligence-driven strategies.
He described the UNODC programme as timely, coming amid evolving threats from transnational organised crime, cyber-enabled offences, and illicit financial flows.
According to him, the initiative provides a strategic framework to reinforce the rule of law, enhance Nigeria’s criminal justice system, and safeguard institutions and communities from corruption and violence.
The EFCC boss also highlighted the significance of the programme’s focus on combating corruption and illicit financial flows, noting their severe economic and social impact on Nigeria.
He reaffirmed the commission’s commitment to sustained action and praised its longstanding collaboration with the UNODC, which he said has improved institutional capacity and operational effectiveness in tackling financial crimes.
Also speaking, ICPC Chairman, Dr Musa Aliyu, SAN, called for stronger inter-agency collaboration to confront Nigeria’s complex and interconnected security challenges.
He observed that issues such as violent extremism, organised crime, smuggling, and corruption continue to strain the nation’s criminal justice system.
Aliyu emphasised that no single agency can effectively address these challenges alone, describing collective action as essential to achieving meaningful progress.
He warned that the persistence of such threats poses serious risks to national stability but expressed optimism that strategic partnerships would yield positive outcomes.
He described the UNODC Country Programme as both timely and necessary, commending the role of international cooperation—particularly with the United Nations—in strengthening Nigeria’s anti-corruption efforts and institutional development.
Reaffirming ICPC’s commitment to collaboration, Aliyu pledged continued support for initiatives aimed at promoting good governance, strengthening institutions, and advancing national development.