EFCC’s Massive Cryptocurrency Syndicate Arrest Shows New Threat To Anti-Corruption

Public officials in Nigeria are finding more innovative ways of syphoning stolen funds across the seas without leaving any electronic trail that may alert the anti-corruption agencies, according to top sources at the Economic and Financial Crimes Commission (EFCC).

The sources revealed that some unscrupulous public officials now use cryptocurrency platforms to launder stolen funds, citing this as among the reasons why the EFCC is cracking down on cyber criminals.

According to the sources, cryptocurrency syndicates are major facilitators of money laundering for corrupt public officials trying to evade the EFCC radar.

“This is what we’re seeing now, these boys are no longer just Yahoo Boys as the media call them, they are cyber criminals,” a source said, adding that some of them work for corrupt public officials to launder stolen funds through crypto platforms.

On December 10, 2024 the EFCC pulled off an unprecedented arrest of 792 people, including 192 foreigners, involved in cryptocurrency investment and romance fraud.

They were arrested from their hideouts – an imposing seven-storey building in Victoria Island, Lagos.
It was the highest number of arrests in a single sting operation and the first time such a large number of foreigners were arrested for cyber crimes.

The foreigners comprise Chinese, Indonesian, Pakistani and Kazakhstani.

Wilson Uwujaren, representative of the Executive Chairman of the EFCC Chairman, Ola Olukoyede, who addressed the press on the development revealed that all the floors of the building where they were arrested were equipped with high-end desktop computers like a top financial institution.

“Foreigners are taking advantage of our nation’s unfortunate reputation as a haven of frauds to establish a foothold here to disguise their atrocious criminal enterprises. But, as this operation has shown, there will be no hiding places for criminals in Nigeria,” Mr Uwujaren had said.

In 2024, the EFCC made monetary recoveries to the tune of Three Hundred and Sixty-Four Point Five Billion Naira. The foreign currencies component of the recoveries include: Two Hundred and Fourteen Point Five Million Dollars, Fifty-four Thousand, Three Hundred and Eighteen British Pounds and Thirty-one Thousand, Two Hundred and Sixty-five Euros, among others.

A total of 4111 convictions were also made across the Commission’s formations in 2024, which include several corrupt public officials and politically exposed persons.

The sources revealed that the anti-graft commission is focusing on cybercrimes and stopping public servants from perpetrating corrupt acts.

This is why Olukoyede is making significant institutional reforms within the Commission, which include creating new departments.

For instance, a new department, Fraud Risk Assessment and Control, FRAC, was established to reflect the new focus on corruption prevention and handed the mandate to examine the corruption vulnerabilities of Ministries, Departments and Agencies and come up with mitigating measures.

A few other departments were restructured or renamed. One of them, the Department of Internal Affairs was renamed Department of Ethics and Integrity. This reflects the new emphasis on professionalism and integrity in the conduct of officers of the Commission.

Olukoyede is leading by example. He declared his assets upon assumption of office and mandated all personnel of the Commission to do likewise.

The Commission’s zero tolerance for unethical behaviours was demonstrated by the recent dismissal of 27 personnel for acts of misconduct. It was the first of its kind and a signal that it is no longer business as usual.

Olukoyede’s commitment to self-cleansing has led to the production of new policies to regulate the activities of officers of the Commission to prevent compromise and fraudulent acts.

The Commission recently held its 2025 Management Retreat at Uyo, Akwa Ibom State where it adopted three new policies to regulate areas of our operation where lapses had been identified.

The new policies are the Gifts and Hospitality Policy, the Exhibit Room Security Policy and the Sting Operations Policy.

These policies have set out standard processes and practices in respect of the Commission’s operations and the exercise of discretion by officers is limited, as violation of regulation now attracts penalties.