The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has said there is a thin line between genuine cryptocurrency operators and fraudsters.
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Speaking in Abuja on Wednesday, September 3, 2025, when stakeholders from the Blockchain Technology Association of Nigeria (SIBAN), led by their president, Obinna Iwuno, paid him a courtesy visit at the Commission’s corporate headquarters, Olukoyede noted that politically exposed persons (PEPs) are increasingly using cryptocurrency to launder money, and some actors in the cryptocurrency ecosystem are aiding them.
“What has been happening is that even politically exposed persons are now using it as a means for laundering money, and some of the actors in the ecosystem are falling for them. Even some of those you consider genuine are laundering money. So it’s important that we’re having this particular meeting,” he said.
The EFCC boss further noted that while cryptocurrency is an innovative transactional technology in the global economy, it requires regulatory oversight in Nigeria to prevent its fraudulent abuse.
Speaking through his Chief of Staff, Commander CE Michael Nzekwe, Olukoyede said: “Crypto is the new oil. There’s so much money in crypto. The ecosystem needs to be properly regulated. If that regulation is not implemented, even the genuine actors will face big problems. There’s a thin line between genuine crypto operators and fraudsters. Some politically exposed persons are using crypto to launder money, and some actors are falling for them. Even some genuine operators launder money, so it’s crucial that we hold this meeting.”
Olukoyede encouraged players in cryptocurrency and blockchain technology to prioritize investor enlightenment and training, adding that SIBAN could aid in the fight against money laundering by acting as whistleblowers.
“I think one key takeaway is that we need to sit down and examine these issues deeply. You are trainers; focus on enlightenment and training. We want to ensure a clean economy. We can collaborate to stop money laundering. You can blow the whistle. You can be a whistleblower,” he said.
Earlier, Iwuno noted that the critical role of cryptocurrencies and blockchain technology in the national economy motivated SIBAN to draft a set of regulatory codes.
“We have a code of ethics drafted using international best practices and standards from other jurisdictions that have regulated this sector. It demonstrates our commitment to ethical operations, regulatory compliance, and adherence to the laws of the land. We have been advocating regulation since 2018 to prevent capital flight,” he said.
He called for collaboration with the EFCC, stating it would allow SIBAN to contribute meaningfully to the fight against investment fraud and money laundering.
“We want to engage with you on education, awareness campaigns, and anti-scam initiatives across the country. We also want to identify crypto frauds and report bad actors to the EFCC so action can be taken promptly. This collaboration will allow us to prevent crimes before they escalate.
“The EFCC can leverage blockchain technology and cryptocurrency to benefit its operations. In our first training on crypto investigation and compliance, we emphasized KYC (Know Your Customer) requirements on all platforms. Each digital asset platform must have at least two compliance officers overseeing operations,” he said.
Iwuno added: “While advocating regulation, safety, and investor protection, we must ensure that innovation is not stifled. Nigeria has the largest population in Africa and one of the most active youth demographics, but rapid growth without proper regulation could expose the ecosystem to money laundering, terrorism financing, threats to national security, and proliferation financing.”
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