The Economic and Financial Crimes Commission (EFCC) has intensified its nationwide crackdown on cryptocurrency-related fraud with the deployment of advanced blockchain tracking technology.
This was disclosed by the Head of Advance Fee Fraud, Coker Oyegunle, during a capacity-building workshop for journalists and civil society organisations in Port Harcourt on Thursday. According to him, the commission has already recorded major breakthroughs, including the arrest of a large syndicate involved in crypto scams and the recovery of significant amounts of stolen digital assets.
Oyegunle, who spoke on the topic “Understanding Cryptocurrency Fraud and Other Emerging Financial Crimes,” said the EFCC remains at the forefront of crypto-crime enforcement in Nigeria. He explained that the agency has the mandate to investigate financial crimes and the legal authority to freeze accounts linked to illicit transactions.
He described cryptocurrency as a form of digital money powered by blockchain technology, fast, decentralised, and borderless. While these features make digital currencies useful in modern finance, they are also exploited by criminals to launder money, run investment scams, and conduct illicit transactions.
According to him, emerging financial crimes are increasingly sophisticated, with criminals using artificial intelligence, decentralised finance platforms, privacy tools, and global online systems to evade detection. He noted that many victims only realise they’ve been defrauded when their withdrawals are blocked. Phishing scams, fake websites, and fraudulent apps are also commonly used to steal wallet keys and login details.
Oyegunle said Nigeria has now adopted a more coordinated and stricter approach to combating crypto fraud. The Securities and Exchange Commission leads regulation, while the EFCC drives enforcement under the newly updated Investments and Securities Act (ISA) 2025.
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He added that the EFCC is already using advanced blockchain analysis tools to trace illicit funds across digital wallets and has conducted major operations targeting crypto syndicates. The Nigeria Police Force’s Cybercrime Unit also works closely with the commission to investigate and prevent online financial crimes.
Earlier, the Acting Director of the EFCC Port Harcourt Directorate, Hassan Saidu, said the workshop highlights the agency’s recognition of the critical roles journalists and civil society groups play in combating emerging cyber threats. He warned that cryptocurrency fraud is rising at an alarming rate, urging Nigerians to remain vigilant and avoid schemes promising quick wealth.
Saidu stressed that cryptocurrency remains a legitimate form of business in Nigeria, but the EFCC will continue to clamp down on individuals and groups using it for illegal activities.