Nigeria's EFCC Uncovers Public Funds Moved into Cryptocurrency Wallets

Nigeria's Economic and Financial Crimes Commission (EFCC) has disclosed that public funds were moved from a local government account to a private company, and later transferred into cryptocurrency wallets.

The EFCC Chairman, Ola Olukoyede, said the commission detected the suspicious transactions through its Fraud Risk Assessment and Control Department, and froze the funds for 72 hours to determine their destination.

Olukoyede expressed frustration over calls for his removal following the action taken by the commission, stating that he would not ignore suspicious transactions and would continue to act on them.

The EFCC boss also highlighted the growing trend of public officials stealing funds and moving them into cryptocurrency wallets, using young people as intermediaries.