ENUGU — The Economic and Financial Crimes Commission (EFCC) has warned the public against falling victim to fraudsters operating virtual asset and investment scams, as part of activities marking the 2025 African Anti-Corruption Day. The Commission issued the warning during a public lecture held at the International Conference Centre, Enugu.
Chairman of the EFCC, Ola Olukoyede, represented by the South-East Zonal Director, ACE I Aisha Abubakar, highlighted the growing danger of virtual asset-related fraud, calling it a potential threat to surpass money laundering in Africa if left unchecked.
“Virtual assets are digital representations of value operating on blockchain technology. Though not criminal in themselves, fraudsters are misusing these assets to hide stolen funds, evade detection, and lure unsuspecting investors into bogus schemes,” Olukoyede stated. He emphasized that “no investment scam succeeds without the negligence of the investor,” stressing the importance of public awareness and knowledge.
The EFCC boss also raised concerns about corrupt politicians and criminals increasingly using cryptocurrency to conceal illicit wealth, warning that unexplained assets are now being stored in digital wallets and used to make hidden transactions.
However, in a strong response, the Enugu State Government condemned the EFCC’s alleged practice of indiscriminate arrest of individuals carrying laptops. Deputy Governor Ifeanyi Ossai, who represented Governor Peter Mbah at the event, criticized the Commission’s actions as outdated and unjust in a digital age.
“The world has gone digital. In Enugu State, we’re running e-governance, and soon every student in our Smart Green Schools will own a laptop. If people are being arrested just for carrying laptops, you’ll end up arresting all of us,” Ossai declared.
He acknowledged the existence of cybercrime but warned against profiling innocent citizens based on possession of digital devices. Ossai added that EFCC must distinguish between genuine users and criminals, especially as the state intensifies its digitization drive.
On the broader issue of corruption, Ossai pointed out that it’s not limited to politicians. “There are fraudulent EFCC officers, police officers, soldiers, even traditional rulers. Corruption cuts across all institutions. What we need is good governance, investment in the criminal justice system, and systems that protect whistleblowers.”
He called for improved conditions in detention facilities and a stronger judicial framework to ensure justice, noting that many innocent citizens suffer undue hardship before being proven innocent.
The Deputy Governor also urged the EFCC to consider creating a national recognition programme to celebrate individuals who have served with integrity, as a way of encouraging ethical behavior in public service.
Traditional rulers, youth leaders, and women’s groups present at the event echoed calls for EFCC reform. They demanded better accountability within the agency, community involvement in anti-corruption campaigns, and an end to the extortion of innocent citizens.
Cultural dance performances and a drama presentation highlighting the dangers of corruption and internet fraud added colour to the commemoration.
