By Amos Aar
THE ECONOMIC and Financial Crimes Commission (EFCC) marked the 2025 African Union (AU) Anti-Corruption Day with a public lecture in Makurdi, Benue State, highlighting the growing threat of virtual asset fraud and illicit investment schemes.
The event, themed “Understanding Virtual Asset Fraud,” brought together stakeholders to discuss strategies for combating financial crimes in the digital age.
Delivering a keynote address on behalf of EFCC Chairman, Olanipekun Olukoyede, the commission’s zonal coordinator, Anselem Ozioko, expressed concern over the surge in virtual asset fraud, which he described as a major risk to Africa’s economic stability.
“Illicit financial flows remain a monstrous challenge to African development, with annual losses running into billions of dollars. While money laundering continues to dominate, virtual assets and investment scams are quickly emerging as even greater risks,” he warned.
He explained that while virtual assets such as cryptocurrencies and digital tokens are not inherently illegal, they become criminal when misused.
According to him, “fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative dragnets of anti-corruption agencies.”
Mr. Olukoyede cited the commission’s successful crackdown on the CBEX scam as proof of the EFCC’s capacity to tackle such crimes.
He described investment fraud, including Ponzi schemes, as one of the most pervasive threats, made possible in part by the negligence of investors.
“Investment scams cannot thrive without the complicity or ignorance of the public,” he stated. “Unfortunately, most investors do not carry out due diligence and only report to the EFCC after being defrauded. The lesson is that vigilance is key.”
In an interactive session, the Makurdi Zonal Commander of the EFCC emphasized the importance of public cooperation. He encouraged victims and whistle-blowers to report suspicious digital applications and schemes to the commission.
He also reminded participants that the federal government’s whistle-blower policy guarantees a 10% reward upon recovery of stolen funds.
Also speaking, the chairman of the Nigeria Union of Journalists (NUJ) in Benue, Comrade Bemdoo Ugber, pledged the union’s support in promoting transparency and demanding accountability, core values of journalism that align with the EFCC’s mission.
The event attracted security personnel, students, journalists, and other stakeholders, who engaged actively in discussions on safeguarding the public against emerging financial crimes.
