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Nigeria’s Economic and Financial Crimes Commission (EFCC) has accused politicians of using cryptocurrency to conceal illicit wealth. Experts warn that crypto’s pseudo-anonymity and weak regulations make it a growing tool for corruption. The country has also seen a surge in crypto-related fraud, including Ponzi schemes.
- Nigeria's EFCC warns that politicians are using crypto wallets to hide stolen funds and evade anti-corruption investigations.
- Over $56 billion in crypto transactions were recorded in Nigeria (2022-2023), alongside a 45% spike in financial fraud cases.
- Experts recommend stronger AML/CFT rules, cross-border law enforcement collaboration, and mandatory crypto asset declarations for public officials.
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