The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians, civil society groups, and the media to be wary of cryptocurrency deals. The agency said the rising schemes could destroy reputations and drag many into fraud.
The warning came from Sam Agbi Enahoro of the cybercrime unit during the 2025 EFCC–Media/CSOs Capacity-Building Workshop in Abuja. He broke down the tricks behind crypto transactions and how fraudsters exploit them.
Enahoro issued a blunt caution: “When it is too good to be true, please don’t do it.” He said many victims rush into “miracle returns” without checking the risks, only to lose everything.
Media and CSOs in the Anti-Graft Fight
The EFCC Chairman, Ola Olukoyede, represented by spokesperson Commander CE Wilson Uwujaren, praised the role of media and civil society in exposing corruption.
“The media and civil society organisations, no doubt, are very critical to the work of fighting every form of economic and financial crimes,” he said.
Olukoyede compared both groups to the ears of the same horse, stressing they share one mandate — “exposing shadiness and integrity deficit in individuals and groups across the country.”
He added: “Our commitment to stakeholders’ engagement is absolute. Public ownership of the fight against corruption remains the most potent and enduring modality of driving and sustaining the fight.”
Director of Legal and Prosecution, Dr. Ben Ubi, reminded participants that EFCC efforts helped remove Nigeria from the Financial Action Task Force (FATF) blacklist. “If not for the painstaking efforts of the EFCC, the country would have long been blacklisted,” he said.
Prevention Better Than Recovery
EFCC’s Head of Media, DCE Dele Oyewale, urged the media and CSOs to back prevention. “If we wait until the money is stolen, the assets are stolen and everything is stolen before we now embark on recovery drive, there is no way you can recover all,” he warned.
“But if there are modalities in place that will safeguard the stealing of the money, the looting of the treasury or any other thing that fraudulent people may want to do, then we will be able to save the society from all of these losses,” he added.
Chief of Staff, CE Michael Nzekwe, saluted the resilience of civil society and journalists. “Nigeria is the greatest beneficiary of the work that we all do. Sometimes there can be pressures here and there, but in all of that, always put the nation and EFCC first,” he advised.
Olukoyede closed the workshop with a vow of determination: “Without fear or favour and in taking such a route, corruption is bound to fight back. By whatever means the fight back is designed, we cannot be rattled or intimidated. As far as we are concerned, right is might, and as it is often said, conscience is an open wound, only the truth can heal.”
For a broader context, the IMF has also warned about cryptocurrency risks for developing economies, stressing how fraud and volatility can hurt growth.
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