EFCC: PUBLIC FUNDS MOVED INTO CRYPTO WALLETS

The Economic and Financial Crimes Commission has disclosed that some public funds were allegedly transferred from a local government account into cryptocurrency wallets.

The revelation was made as the anti-graft agency continued investigations into financial transactions suspected to involve the diversion or misuse of public funds.

According to the EFCC, investigators identified transactions in which funds from a local government account were moved through cryptocurrency channels.

The agency said the development raised concerns about the use of digital assets to move or conceal money linked to government resources.

The commission has continued to strengthen its monitoring of cryptocurrency transactions as part of efforts to combat financial crimes and illicit financial flows.

EFCC officials said investigations were ongoing to determine the individuals involved, the amount transferred and the circumstances surrounding the transactions.

The agency also stressed the importance of proper financial controls and accountability in the management of public funds at the local government level.

The development comes amid increasing concerns over the use of cryptocurrency in financial crimes, including money laundering and the movement of illicit funds.

The EFCC said it would continue working with relevant institutions and financial intelligence agencies to trace suspicious transactions and recover funds where wrongdoing is established.

Authorities urged public officials to ensure that government resources are managed transparently and in accordance with financial regulations.

The commission maintained that individuals found culpable after investigations would face prosecution in line with the law.