The Economic and Financial Crimes Commission (EFCC) says it is intensifying its crackdown on cryptocurrency-related crimes through the use of advanced digital tools, including blockchain analysis systems capable of tracing illicit transactions across global networks. The commission disclosed this during a Capacity Building Workshop for Civil Society Organisations (CSOs) and journalists held on Thursday in Port Harcourt, Rivers State.
Speaking at the event, Chief Superintendent of the EFCC, CSE Coker Oyegunle, explained that the agency has strengthened its technological and operational capacity to confront the growing wave of crypto-based financial crimes. His lecture, titled “Understanding Cryptocurrency Fraud and Other Emerging Financial Crimes,” highlighted how digital currencies, while offering innovative financial opportunities, are increasingly exploited by criminals.
He disclosed that the EFCC uses advanced tools, including blockchain analysis technology, to trace illicit funds and has conducted major operations, such as the arrest of a large syndicate involved in crypto fraud and the recovery of significant amounts of stolen funds.
He said: “What is Cryptocurrency: Cryptocurrency is digital money that exists only online and uses special computer technology called blockchain to stay secure. It’s like money, but purely digital. You can’t hold it in your hand. It lives on the internet. You can send it to anyone, anywhere in the world. No banks involved.
“Cryptocurrencies work without banks or governments controlling them, instead, transactions are verified by computers around the world. Examples of cryptocurrencies Bitcoin (BTC) , the first and most famous Ethereum (ETH) – used for smart contracts USDT united state dollar tether (value stays close to $1).
“Cryptocurrency and digital financial technologies have significantly transformed global commerce by introducing decentralized, fast, and borderless systems of exchange. Unlike traditional banking, cryptocurrencies operate on blockchain networks, which prioritize transparency and autonomy. Yet, these same characteristics can be exploited by criminals to commit fraud, launder money, and facilitate illicit transactions.
“Emerging financial crimes are increasingly digital in nature, leveraging advanced technologies such as artificial intelligence (AI), decentralized finance (DeFi), privacy-enhancing tools, and global online platforms.
“Victims typically realize the fraud only when withdrawals are blocked, phishing attacks involve fake websites, emails, or apps designed to steal wallet private keys, seed phrases, or login details.
“Nigeria has developed a coordinated and increasingly stringent approach to crypto fraud, involving multiple regulatory and law enforcement agencies. The Securities and Exchange Commission (SEC) leads regulation, while the Economic and Financial Crimes Commission (EFCC) is the primary law enforcement agency responsible for investigations and arrests.
“The regulatory landscape has evolved from an initial prohibition on financial institutions dealing with crypto to a formal, regulated sector under the Investments and Securities Act (ISA) 2025.
“The EFCC is at the forefront of crypto crime enforcement. It investigates financial crimes and has the authority to take actions like freezing accounts linked to illicit activities. The EFCC uses advanced tools, including blockchain analysis technology, to trace illicit funds and has conducted major operations, such as the arrest of a large syndicate involved in crypto fraud and the recovery of significant amounts of stolen funds.
“The NPF also has a Cyber Crime Unit that collaborates with other agencies to investigate and prevent cyber-related financial crimes.” He said.
The Acting Director of EFCC, Port Harcourt Directorate, Mr Hassan Saidu, said the decision to organize workshop for media underscores the strategic importance the EFCC places on your roles as watchdogs of the society.
He said the Cryptocurrency Fraud and other related offences in the Nigeria’s Cyberspace is becoming alarming hence, the EFCC’s efforts to nip the menace and eradicate the crimes from Nigeria Cyberspace.
He said: “While our enforcement activities continue to target the perpetrators of these crimes, we are increasingly concerned about the vulnerability of citizens, many of whom fall victim due to a lack of information or the allure of quick wealth. This is where your roles become critical.”
