Corrupt Politicians Hiding Stolen Funds in Crypto Wallets — EFCC Chairman
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised concern that some corrupt Nigerian politicians are now using cryptocurrency wallets to hide stolen public funds and escape detection.
Olukoyede revealed this on Thursday during an event to mark Africa Anti-Corruption Day, which was monitored by The PUNCH in Abuja, Lagos, and Ibadan.
> “Virtual asset fraud is on the rise. Fraudulent politicians are already perfecting schemes to hide their loot in cryptocurrencies, making it harder for anti-corruption agencies to trace,” Olukoyede said.
He explained that these politicians use digital wallets to warehouse illicit wealth and to pay for services, taking advantage of the anonymity offered by cryptocurrencies.
