EFCC Warns of $160 Billion in Global Crypto Crimes by 2025

On March 27, 2023, in Abuja, the Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede, announced that illicit cryptocurrency transactions are expected to surpass $160 billion globally by 2025. This disclosure was made during the inauguration of a new unit under the United Nations Office on Drugs and Crime (UNODC) program for Nigeria from 2026 to 2030.

The program aims to combat illicit drug trafficking, transnational crime, and corruption, while addressing emerging financial crime challenges. Musa Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission, emphasized the complexity of Nigeria's security and corruption issues, noting that no single agency can tackle these challenges alone.

The EFCC has linked the rise in cryptocurrency-related crimes to Nigeria's high global crypto adoption rate, as reported by Nairametrics in January. The agency has also arrested 792 suspects in a crackdown on cyber-enabled financial crimes, stressing the need for stronger regulatory oversight and international cooperation to combat this growing threat.