In brief
- Nigeria’s EFCC chair has accused “rogue politicians” of using cryptocurrency to hide corruptly acquired wealth.
- Experts in the anti-corruption sector told Decrypt that the EFCC’s warnings are “not without merit.”
- Nigeria has seen rapid adoption of cryptocurrency, alongside a parallel increase in fraud, with regulators identifying more than 30 Ponzi schemes involving crypto.
Corrupt politicians in Nigeria are using cryptocurrencies to hide and obscure illegitimate wealth, according to Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission.
Speaking at an event marking this year’s African Union Anti-Corruption Day, Olukoyede warned about the risks posed by the growing use of crypto, with a particular focus on investment fraud.
Yet he also turned his attention to “rogue politicians,” who according to the EFCC are “linked” to the rise of cryptocurrency fraud in Nigeria.
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Author: Simon Chandler
