EFCC Says Corrupt Politicians Now Hiding Stolen Funds in Virtual Assets
The Economic and Financial Crimes Commission (EFCC) has raised concerns over the growing use of virtual assets by corrupt politicians to conceal illicit funds.
The Uyo Zonal Director of the EFCC, ACE I Johnson Oshodi, made the revelation during a public lecture to mark the African Union Anti-Corruption Day. The event focused on understanding virtual assets and investment fraud.
“Fraudulent politicians are already exploiting these schemes, hiding their loot in cryptocurrencies to evade the investigative dragnet of anti-corruption agencies globally,” Oshodi said.
He explained the increasing role of virtual assets in financial crimes and stressed the need for stronger regulatory oversight.
Oshodi defined virtual assets as “digital representations of monetary values which operate on the blockchain and which can be traded, exchanged and transferred for payment or investment purposes”.
He also noted that the EFCC remains ahead in combating economic and financial crimes, citing operational successes such as the dismantling of the CBEX scam.
“We are ahead in every strata and material sense, and there are enormous proofs of operational successes in this regard, especially the breakthrough in investigation and prosecution of the famous CBEX scam,” he added.
The keynote lecture at the event was delivered by ACE II Emeka Ukpai CCrF.
