EFCC uncovers public funds moved from local government account to crypto wallets

Speaking in Abuja, Olukoyede highlighted that the EFCC's Fraud Risk Assessment and Control Department detected these suspicious transactions, leading to a 72-hour freeze on the funds to ascertain their destination and purpose. While not disclosing the specific local government, company, or state involved, he emphasized the commission's role in preventing such illicit financial activities. Olukoyede also noted the evolution of cybercrime, where public officials allegedly use young individuals as fronts to move stolen funds through cryptocurrency wallets, making it difficult to trace tangible assets.

He stated that the EFCC has developed the capacity to trace cryptocurrency wallets, particularly those registered in Nigeria, and mentioned that approximately 40 virtual asset platforms have been licensed. To address the challenge of managing confiscated virtual assets, the Federal Government has approved the establishment of a national confiscation wallet. Olukoyede also reported that the EFCC's anti-corruption efforts contributed to significant revenue mobilization, with federal and state tax recoveries totaling approximately N288.1bn.

Furthermore, over 40 EFCC personnel were dismissed for alleged corruption and financial malpractice, with some facing prosecution.