According to the chairman of the commission on economic and financial crimes of Nigeria (EFCC) Ola Olukoyede, the anti -corruption agency conducted an investigation and revealed that unscrupulous politicians hide illegally received funds in cryptocurrencies.

Olukudye said this during a public speech dedicated to the Day of Corruption of the African Union. The Chairman of the EFCC noted that when politicians use cryptocurrencies to conceal illegally acquired wealth, this contributes to an increase in fraud with digital assets. Olukudye noted that initially cryptocurrencies were created as products of the digital era, and not as tools for committing crimes. Virtual assets become criminal only when they are used unlawfully, the official said.

He warned that the fraud with virtual assets has already ceased to be a difficult task for the EFCC, since the department is ahead of lead, teaching employees to monitor suspicious cryptotrazations and collecting intelligence. Olukudye recalled that earlier local law enforcement agencies detained several suspects of fraud on the collapsed Crypto Bridge Exchange (CBEX), and EFCC has already begun to return funds to injured investors.

Olukudye advised traders and investors to be careful when investing in digital assets so as not to become a victim of fraud, which “spreads around the country at the speed of forest fires.” Investors could prevent this if they helped the regulator and sent him reports on suspicious transactions. As Olukudye put it, not a single investment scam will be successful without negligence of investors.

This year, the Nigeria authorities recognized cryptocurrencies securities – the president of the country signed the relevant law. In June, the Securities and Exchange Commission (SEC) of Nigeria launched the initiative of Crypto Smart, Nigeria Strong to increase the financial literacy of investors.