EFCC UNCOVERS TRANSFER OF LOCAL GOVERNMENT FUNDS INTO CRYPTO WALLETS

The Economic and Financial Crimes Commission has revealed that public funds were allegedly moved from a local government account to a private company before being transferred into cryptocurrency wallets.

The EFCC Chairman, Ola Olukoyede, disclosed this on Monday while speaking with media executives and journalists in Abuja. He said the commission detected the suspicious movement of the funds and immediately intervened by freezing the account for 72 hours to establish where the money was being transferred.

Olukoyede explained that the EFCC was increasingly focusing on detecting and stopping suspicious financial transactions before the funds were completely diverted. According to him, the commission could no longer afford to wait until public money had been stolen before taking action.

He questioned why authorities should continue waiting for public funds to disappear before intervening, stressing the need for a more preventive approach to financial crimes.

The EFCC chairman further raised concerns about the use of young people as fronts by some public officials to move allegedly illicit funds through cryptocurrency wallets.

He said the commission had strengthened its ability to monitor and trace cryptocurrency transactions, including wallets connected to virtual asset service platforms operating legally in Nigeria.

Olukoyede noted that the development of this tracking capacity would make it increasingly difficult for individuals attempting to conceal or move suspicious funds through digital assets to escape detection.

The EFCC's latest approach involves identifying unusual financial activities early, freezing suspicious accounts when necessary and tracing the movement of funds to their eventual destinations.

The commission said the measures are part of its broader effort to prevent financial crimes and recover public funds before they are permanently lost.