The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned Nigerians to be cautious of virtual assets and online investment scams, which he said are increasing at an alarming rate.
He gave the warning during a public lecture to mark the African Union Anti-Corruption Day on June 11, 2025. The event, themed “Understanding Virtual Assets and Investment Scam,” was held to educate the public on the dangers of digital fraud.
Olukoyede, represented by the Uyo Zonal Director of the EFCC, Johnson Oshodi, said fraudsters often exploit the ignorance and desperation of investors to run fake investment schemes, especially through digital platforms.
He explained that while virtual assets like cryptocurrencies and digital tokens are not criminal in themselves, their misuse in scams makes them dangerous.
“Fraudsters are taking advantage of desperate investors through dishonest schemes. Ponzi schemes are among the most common of these scams,” he said.
The EFCC boss blamed many victims for failing to do proper checks before investing. “No scam can succeed without some negligence from the investor,” he added, citing the example of the CBEX case where many were defrauded due to poor background checks.
Olukoyede urged Nigerians to report suspicious investments early instead of waiting until they lose their money. He assured the public that the EFCC is ready to work with all stakeholders to prevent and investigate such frauds.
Delivering the keynote lecture, EFCC’s Emeka Ukpai called on Nigerians to close the “window of ignorance” that scammers are using to deceive the public. He stressed that awareness and proper knowledge are key to avoiding fraud.
Virtual investment fraud has become one of the fastest-growing crimes in Nigeria, and the EFCC continues to intensify efforts to combat it.