Top anti-corruption agencies have raised alarms over the escalating threat of cryptocurrency-related crimes, highlighting the need for stronger collaboration and intelligence-driven strategies to protect the nation’s financial system.
The warning came from Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria 2026–2030 in Abuja.
Olukoyede drew attention to the global scale of the problem, revealing that illicit transactions in digital currencies such as Bitcoin led to losses exceeding $160 billion worldwide in 2025.
“Last year, the world lost over 160 billion dollars to illicit transactions in cryptocurrencies,” he said.
“Tackling these challenges requires coordinated national responses, strong institutions and sustained intelligence-driven strategies.”
READ ALSO: We’re Not Responsible for Kwara Poly Protest -EFCC
The EFCC chief stressed that criminal networks are increasingly exploiting technological advancements, gaps in governance, and global financial systems to facilitate illicit activity.
He described the UNODC programme as a strategic platform to strengthen Nigeria’s criminal justice system, protect institutions, and shield communities from financial crimes, corruption, and related offences.
“The imperative of sustained action to turn the tide cannot be overstated,” Olukoyede added, noting that the programme’s emphasis on combating corruption and illicit financial flows aligns closely with the EFCC’s mandate and Nigeria’s economic interests.
Read Also
He also highlighted the commission’s long-standing partnership with UNODC, which has bolstered institutional capacity, supported operational reforms, and enhanced Nigeria’s response to economic and financial crimes.
Olukoyede expressed optimism that the new programme would further strengthen national security through shared operational experiences and collaborative efforts.
Speaking alongside him, Musa Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), called for inter-agency cooperation to tackle Nigeria’s multifaceted security and corruption challenges.
“There is a common point of truth, Nigerian society is entangled with many ills, and no agency can fight them alone,” Aliyu said, citing violent extremism, organised crime, illicit financial flows, and smuggling as interconnected threats undermining the criminal justice system.
Aliyu described the UNODC Country Programme as “timely and appropriate,” noting that international partnerships have been critical to strengthening governance and institutional effectiveness in Nigeria.
He congratulated UNODC on the initiative, calling it a “grand stride” in the fight against crime and corruption, and reaffirmed ICPC’s commitment to collaboration.
“I assure you of our continued support and willingness to work together for the growth and betterment of Nigeria,” he said.
The launch of the UNODC programme signals a renewed focus on leveraging international cooperation, institutional reform, and collective intelligence to tackle emerging financial and cyber-enabled crimes in Nigeria.
