The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has declared that cryptocurrency, while a booming global innovation, must be urgently regulated in Nigeria to prevent large-scale fraud and money laundering.
Olukoyede made the call in Abuja on Wednesday, September 3, 2025, when members of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), led by President Obinna Iwuno, paid him a courtesy visit at the Commission’s headquarters.
Speaking through his Chief of Staff, CE Michael Nzekwe, the EFCC boss stressed that the crypto sector is now a multi-billion-dollar space that poses serious risks if left unchecked.
“Crypto is the new oil. There’s so much money in crypto. The ecosystem needs to be properly regulated. Without regulation, even genuine actors will face problems. Politically exposed persons are already laundering money through crypto. Even some of the so-called genuine operators are complicit,” Olukoyede warned.
He urged blockchain players to support the fight against financial crimes by training investors, enlightening the public, and acting as whistleblowers against fraudulent activities.
“We want to ensure a clean economy. We can collaborate to stop money laundering. You can blow the whistle. You can be a whistleblower,” he said.
On his part, SiBAN President Obinna Iwuno highlighted the association’s efforts to enforce global best practices, including drafting a code of ethics for operators since 2018. He explained that SiBAN is committed to compliance, investor protection, and collaboration with regulators.
Iwuno called for strong partnership with the EFCC to fight scams and ensure that innovation thrives without stifling Nigeria’s fast-growing digital economy.
“Nigeria has the largest youth population in Africa and one of the most active crypto ecosystems. Without regulation, we risk exposure to money laundering, terrorism financing, and threats to national security. We need a framework that balances safety with innovation,” he stated.
The meeting ended with a mutual agreement to deepen collaboration between EFCC and SiBAN in education, compliance, and anti-fraud campaigns across the country.
#CryptoNigeria #EFCC #Blockchain #MoneyLaundering #CryptoFraud #NigeriaNews #DigitalEconomy
