EFCC Raises Alarm Over $160 Billion Losses to Crypto Crimes

The Economic and Financial Crimes Commission (EFCC) has expressed serious concern over the rising wave of cryptocurrency-related crimes, revealing that over $160 billion was lost globally in 2025 to illicit digital transactions.

EFCC Chairman, Ola Olukoyede, made this known during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria (2026–2030) in Abuja. He warned that digital currencies, including Bitcoin, are increasingly being used by criminal networks to move funds across borders without detection.

Olukoyede attributed the growing threat to rapid technological advancements, weak regulatory systems, and loopholes within global financial frameworks, which have enabled cybercriminals to thrive. He emphasized the need for coordinated national strategies, stronger institutions, and intelligence-driven enforcement to effectively combat cryptocurrency crimes.

He further noted that the UNODC programme comes at a crucial time, as Nigeria and the global community continue to grapple with organised crime, cybercrime, and illicit financial flows. According to him, the initiative will help strengthen the rule of law, enhance the criminal justice system, and safeguard citizens from both financial and violent crimes.

Also speaking, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Aliyu, called for stronger collaboration among agencies. He stressed that Nigeria faces multiple interconnected threats, including smuggling, violent extremism, organised crime, and financial crimes, which require a united approach.

Meanwhile, a recent report by Sumsub, a global verification platform, shows that while crypto platforms across Africa are improving identity verification systems in response to stricter regulations, some countries, including Nigeria, Ghana, South Africa, and Kenya, remain major targets for crypto scams.

The report highlighted a 28 per cent decline in fraud attempts across the region, even as companies continue to balance regulatory compliance, fraud prevention, and user experience.

Hannes Bezuidenhout, Vice President of Sales for Africa at Sumsub, stated that Africa’s crypto industry is entering a phase where operational efficiency and regulatory compliance are becoming more important than rapid expansion.