EFCC: $160bn Lost to Global Crypto Fraud
Criminal networks laundered or stole more than $160 billion through cryptocurrency transactions in 2025. Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), revealed these figures at a United Nations summit in Abuja. He warned that digital assets like Bitcoin now serve as the primary vehicle for moving illicit funds across borders. Weak regulations and technological gaps have turned the blockchain into a playground for syndicates. Nigeria sits at the centre of this digital storm.
The commission launched a new five-year country programme with the United Nations Office on Drugs and Crime. This initiative aims to fix a broken criminal justice system. Olukoyede argues that traditional policing cannot catch up with cyber-enabled financial crimes. Authorities need intelligence-driven enforcement to track encrypted wallets. The current global financial framework is too porous. It allows criminals to bypass standard banking checks with ease.
Inter-agency rivalry often hampers the fight against corruption in Nigeria. Musa Aliyu, head of the Independent Corrupt Practices Commission (ICPC), admitted as much at the event. He noted that violent extremism and smuggling now link directly to illicit financial flows. No single agency can dismantle these interconnected threats alone. Effective cooperation remains more of a goal than a reality. The state must bridge these institutional gaps to protect the economy.
Private sector data suggests some progress is being made despite the grim headlines. A report by verification firm Sumsub shows fraud attempts in Africa dropped by 28 per cent recently. Crypto platforms are finally taking identity verification seriously. They are moving away from rapid growth toward operational discipline. Regulation is forcing these firms to behave like banks. This shift helps weed out the most obvious scammers.
Nigeria, Kenya, and South Africa remain the top targets for digital fraudsters in the region. Scammers follow the money and the high volume of retail trading in these markets. Hannes Bezuidenhout of Sumsub noted that compliance is no longer optional for African exchanges. Platforms must balance user experience with strict fraud resilience. Those who fail to verify users properly will face certain collapse. The era of the “wild west” in African crypto is ending.
The UNODC programme for 2026–2030 offers a slim hope for better policing. It focuses on strengthening the rule of law and protecting citizens from violent crime. Success depends entirely on whether Nigerian agencies actually share their data. Speeches in Abuja often promise more than the bureaucracy delivers. Without a unified national strategy, the $160 billion drain will only increase. The digital economy requires a faster, smarter type of state power.