The Economic and Financial Crimes Commission has cautioned Nigerians to be more alert as cases of cryptocurrency fraud continue to rise across the country.
The agency said it has introduced more advanced technology to trace suspicious transactions and track stolen digital assets.
At a capacity-building workshop for journalists and civil society organisations in Port Harcourt, the Head of Advance Fee Fraud, Coker Oyegunle, explained that criminals are taking advantage of rapid growth in digital finance.
He said the commission is responding with stronger tools and broader enforcement.
According to him, the EFCC now uses blockchain analysis technology to follow illicit funds. He explained that this development has already led to major operations, including the arrest of a large syndicate involved in crypto fraud and the recovery of significant sums.
He added that the commission has the mandate to investigate financial crimes and the authority to take necessary actions when illegal transactions are detected.
Oyegunle said, “Cryptocurrency is digital money that exists only online and uses special computer technology called blockchain to stay secure. It’s like money but purely digital. You can’t hold it in your hand, it lives on the internet. You can send it to anyone anywhere in the world. No banks involved.”
He said the global shift to digital finance has brought speed and freedom to commerce, but noted that these same features help criminals move stolen funds or hide illegal activities.
He warned that emerging crimes now involve artificial intelligence, decentralised finance, privacy-enhancing tools, and global online platforms.
Oyegunle added, “Victims typically realise the fraud only when withdrawals are blocked. Phishing attacks involve fake websites, emails or apps designed to steal wallet private keys, seed phrases or login details.”
He said Nigeria has moved from an initial restriction on financial institutions dealing with crypto to a more structured system guided by the Investments and Securities Act of 2025.
He explained that the EFCC remains central to enforcing the rules, carrying out investigations, freezes on suspicious accounts and arrests where necessary.
Earlier, the Acting Director of the EFCC Port Harcourt Directorate, Hassan Saidu, said the workshop shows the importance the agency places on the role of the media and civil society.
He noted that cryptocurrency fraud is becoming alarming and urged Nigerians to get more informed.
Saidu said, “While our enforcement activities continue to target the perpetrators of these crimes, we are increasingly concerned about the vulnerability of citizens, many of whom fall victim due to a lack of information or the allure of quick wealth. This is where your roles become critical.”
He maintained that cryptocurrency is legitimate in Nigeria, but warned that only legal operators will be allowed to thrive. He advised the public to remain vigilant and avoid falling for fraudulent schemes disguised as investment opportunities.
