The Economic and Financial Crimes Commission has raised concerns over the rapid rise in cryptocurrency-related crimes, revealing that illicit transactions involving digital currencies surged to more than $160 billion globally in 2025.
The disclosure was made by EFCC Chairman Ola Olukoyede during the inauguration of the United Nations Office on Drugs and Crime country programme for Nigeria (2026–2030) in Abuja. According to him, the scale of financial crimes linked to cryptocurrencies has grown significantly, posing new challenges for law enforcement agencies worldwide.
Olukoyede noted that the increasing adoption of digital currencies has created new opportunities for criminal networks to move illicit funds across borders with minimal detection. He stated that “the world lost over $160 billion to illicit transactions in cryptocurrencies” in the past year, underscoring the magnitude of the threat.
The EFCC boss emphasized that tackling the growing menace requires stronger collaboration among nations, improved intelligence-sharing, and the strengthening of institutional frameworks to respond effectively to emerging financial crimes. He warned that without coordinated efforts, criminal actors would continue to exploit loopholes in the global financial system.
The event also highlighted the launch of a new strategic initiative by the United Nations Office on Drugs and Crime aimed at supporting Nigeria’s fight against corruption, organised crime, and illicit financial flows. The programme is expected to run from 2026 to 2030 and will focus on enhancing law enforcement capacity, promoting the rule of law, and addressing evolving security challenges.
Experts say the rise in cryptocurrency-related crimes is closely tied to the anonymity and decentralised nature of digital assets, which make them attractive to fraudsters, cybercriminals, and organised crime syndicates. These technologies, while offering legitimate financial innovation, have also created new avenues for money laundering, ransomware attacks, and cross-border fraud.
The EFCC has in recent months intensified its crackdown on financial crimes linked to digital currencies. Authorities have uncovered several large-scale fraud schemes involving banks, fintech companies, and other financial institutions. In one notable case, the commission linked multiple financial entities to a fraud involving over N162 billion in cryptocurrency transactions, raising questions about compliance and due diligence within the financial sector.
Concerns have also been raised about the involvement of foreign criminal networks in Nigeria’s cybercrime landscape. International agencies have warned that organised syndicates, particularly from parts of Asia, are expanding their operations into Africa, leveraging digital tools and cryptocurrencies to facilitate illegal activities.
At the Abuja event, other stakeholders, including representatives of anti-corruption agencies, stressed the need for inter-agency cooperation. They noted that no single institution can effectively combat the complexity of modern financial crimes alone, especially those involving advanced technologies and transnational networks.
The newly launched UNODC programme outlines key priorities such as strengthening criminal justice systems, combating corruption, addressing organised crime, and improving responses to drug trafficking and terrorism. It also aims to protect vulnerable communities from the social and economic impacts of crime.
Nigeria remains one of the leading countries in cryptocurrency adoption, a factor that has both positive and negative implications. While digital assets have provided new financial opportunities for millions of Nigerians, they have also exposed the system to increased risks of fraud and illicit financial activities.
Analysts believe that balancing innovation with regulation will be critical in addressing these challenges. They advocate for clearer regulatory frameworks, enhanced monitoring systems, and public awareness campaigns to educate citizens on the risks associated with digital currencies.
As the global financial landscape continues to evolve, authorities warn that proactive measures will be essential to stay ahead of increasingly sophisticated criminal networks. The EFCC maintains that sustained collaboration, both locally and internationally, will be key to curbing the growing threat of cryptocurrency-related crimes and safeguarding the integrity of financial systems.
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