By Peter Omopo
Nigeria’s leading anti-corruption agencies have raised concerns over the growing threat of cryptocurrency-related crimes, warning that urgent, coordinated action is needed to safeguard the country’s financial system.
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, sounded the warning during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria 2026–2030 in Abuja.
He highlighted the global scale of the challenge, noting that illicit cryptocurrency transactions accounted for losses exceeding $160 billion worldwide in 2025.
Olukoyede said criminal networks are increasingly leveraging technological advancements, weak governance structures and vulnerabilities in global financial systems to perpetrate illicit activities. He stressed that addressing the menace requires strong institutions, coordinated national responses and sustained intelligence-driven strategies.
According to him, the UNODC programme provides a strategic platform to strengthen Nigeria’s criminal justice system, protect public institutions and shield communities from financial crimes and corruption.
He added that the initiative aligns with the EFCC’s mandate and Nigeria’s broader economic interests, while also building on the commission’s longstanding collaboration with UNODC in enhancing institutional capacity and operational effectiveness.
Also speaking, Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Musa Aliyu, called for deeper inter-agency cooperation to tackle the country’s complex security and corruption challenges.
Aliyu said no single agency can effectively address issues such as violent extremism, organised crime, illicit financial flows and smuggling, describing them as interconnected threats undermining Nigeria’s criminal justice system.
He described the UNODC Country Programme as timely, noting that international partnerships have played a critical role in strengthening governance and institutional performance.
Aliyu reaffirmed the ICPC’s commitment to collaboration, expressing optimism that the programme would enhance collective efforts in combating crime and corruption.
The launch of the UNODC initiative signals renewed focus on international cooperation, institutional reform and intelligence-sharing to address emerging financial and cyber-enabled crimes in Nigeria.
