The Economic and Financial Crimes Commission (EFCC) has cautioned the public on the rise in Virtual Assets & Investment Scam.
The Chairman, EFCC, Mr Ola Olukoyede, represented by the Acting Zonal Director of the EFCC, Enugu Zonal Directorate, Aisha Abubakar gave the warning on Thursday during a public lecture in Enugu in commemoration of the 2025;Africa Anti-Corruption Day.
The Chairman clarified that virtual assets are not fundamentally criminal, unless they are wrongfully and fraudulently used.
Olukoyede revealed that “fraudulent politicians are already perfecting schemes to hiding their loot in Cryptocurrencies to beat the investigative dragnets of anti-corruption agencies,” and reaffirmed the Commission’s determination to putting an end to such criminal activities.
“For us at the EFCC, virtual assets fraud and investment scam are not hard nuts to crack. Proactive and broad-based training and intelligence are bringing fraudulent schemes to the fore.
“We are ahead in every material sense and there are enormous proofs of operational success in this regard, especially the breakthrough in investigation and prosecution of the infamous CBEX scam.
“Fraudsters are exploiting vulnerabilities of desperate investors to defraud them through various dishonest schemes.
“Every exploitation of investors in any guise is considered a fraudulent act.Ponzi schemes rank as one of the most pervasive of such acts,” he said.
Speaking at the event, Enugu State Governor, Dr Peter Mbah, represented by his Deputy Governor, Ifeanyi Ossai admonished the EFCC and other security agencies to be justifiably fair in their operations and critically do their due diligence before initiating arrests.
While stressing the need to avoid wrongful arrest and undue harassment, he called the attention of the EFCC and other security agencies to the rise in harassment of Nigerian youths.
The Deputy Governor while responding to the EFCC chairman’s call for institutional support, emphasized the need for collaboration to ensure the judicial system encourage good behaviour.
He highlighted concerns about the state of police cells, describing them as “instruments of constructive duress” that could lead innocent people to offer bribes just to avoid detention.
He pointed out that “Enugu State is investing heavily in digitalization, including Smart Green schools with AI laboratories and e-governance processes, making laptops a common tool for both citizens and students.”
In his keynote address on the topic,”Understanding virtual Assets and Investment Fraud”, Bank Examiner, Nigerian Deposit Insurance Corporation, Oyim Elechi, dwelt on the virtual assets and investment scams, and called the attention of the public to the nature and “red-flags” associated with these criminal schemes, warning the public to be on alert.
He further explained that investment scams largely thrive on the greed of investors, and further advised that precaution and due diligence be taken seriously while attempting to invest, as they are usually unregulated.
While hailing the commission for organizing such laudable event, the chairman, Enugu State Traditional Rulers Council,Igwe Samuel Asadu, urged the Federal government to look into better funding of the commission to enable efficiency in carrying out delegated responsibilities.
At the event, traditional rulers, youths, women’s groups, and others, urged EFCC to collaborate with community leaders, intellectuals, and other stakeholders in the fight against corruption.
They also urged the EFCC to investigate allegations of extortion by its staff against innocent citizens.
