The Economic and Financial Crimes Commission has warned of rising cryptocurrency-related crimes, revealing that illicit digital currency transactions exceeded $160 billion globally in 2025.
The disclosure was made on March 27 in Abuja by EFCC Chairman Ola Olukoyede during the inauguration of the United Nations Office on Drugs and Crime Country Programme for Nigeria (2026–2030).
The UNODC is a United Nations agency focused on combating illicit drugs, transnational crime, corruption, and terrorism. Its country programme for Nigeria is designed to strengthen institutions, support law enforcement, and address emerging security and financial crime challenges through coordinated international efforts.
Anti-corruption agencies say the rapid growth of digital finance has created new vulnerabilities, with criminal networks exploiting cryptocurrencies to move illicit funds across borders.
He stressed that addressing the growing threat requires stronger collaboration and institutional capacity.
Also speaking, Musa Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission, highlighted the complexity of Nigeria’s security and corruption challenges, noting that no single agency can address them alone.
The newly launched UNODC Country Programme for Nigeria (2026–2030) provides a strategic framework to tackle crime, corruption, and security threats at both national and regional levels.
It recognises Nigeria’s central role in addressing transnational organised crime, drug trafficking, and terrorism, while guiding support to federal, state, and local authorities.
Key priorities of the programme include strengthening criminal justice systems, combating corruption and illicit financial flows, enhancing security and counter-terrorism efforts, tackling organised crime, and improving responses to drug trafficking and related health challenges.
The warning comes amid rising cases of cryptocurrency-related crimes in Nigeria, which ranks among the highest globally in crypto adoption.
In January, Nairametrics reported that the EFCC linked a new-generation commercial bank, six fintech firms, and some microfinance banks to a N162 billion fraud involving crypto transactions.
Authorities have also raised concerns about the role of foreign actors in cybercrime. The UNODC previously warned that Asian crime syndicates behind a multibillion-dollar cyber scam industry are expanding operations into Africa.
In one major operation in December 2024, the EFCC arrested 792 suspects, including 148 Chinese nationals, in a large-scale crackdown on cyber-enabled financial crimes.
With digital finance expanding rapidly, regulators say stronger oversight, intelligence-sharing, and global cooperation will be critical to curbing the growing threat of crypto-related financial crimes.