EFCC WARNS NIGERIANS ABOUT RISING VIRTUAL ASSET AND INVESTMENT SCAMS………
By: Safiya Abdulrahim Dabban
The Economic and Financial Crimes Commission (EFCC) has raised concern over the growing trend of virtual asset and investment scams across Africa, warning that fraudsters are increasingly using digital platforms to exploit unsuspecting investors.
EFCC Chairman, Mr. Ola Olukoyede, made the warning during a public lecture to mark the 2025 African Union Anti-Corruption Day in Ilorin, Kwara State. He was represented by the Zonal Director, Mr. Daniel Isei.
Speaking on the theme “Understanding Virtual Assets & Investment Scam,” the EFCC noted that while digital assets such as cryptocurrencies are not inherently criminal, they are often misused by fraudsters for money laundering and fake investment schemes.
Mr. Olukoyede cited the notorious CBEX scam as an example, emphasizing how lack of awareness and failure to verify suspicious platforms have led to huge financial losses. He stressed that “no investment scam can succeed without the negligence of the investing public.”
He assured that the EFCC is deploying proactive intelligence and has achieved significant progress in investigating and prosecuting such digital frauds.
Also speaking at the event, Assistant Chief Superintendent James Allison highlighted how Nigerians are increasingly falling victim to Ponzi-style crypto scams. He warned against fake trading platforms, unrealistic profit promises, and pressure to invest quickly.
The EFCC urged Nigerians to stay informed, verify all investment opportunities, and report suspicious activities promptly. It also called for collaboration among stakeholders to close the knowledge gap exploited by fraudsters.