The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has stressed the need for clear regulatory frameworks to govern Nigeria’s cryptocurrency ecosystem in order to curb its misuse for fraudulent activities.
Olukoyede made the call in Abuja on Wednesday, September 3, 2025, when he received a delegation from the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), led by its president, Obinna Iwuno, at the Commission’s headquarters.
Represented by his Chief of Staff, CE Michael Nzekwe, Olukoyede described cryptocurrency as a lucrative but vulnerable sector that requires effective oversight.
“Crypto is the new oil. The ecosystem must be properly regulated; otherwise, even genuine actors will face problems,” he said, noting that politically exposed persons and fraudsters increasingly exploit digital assets for money laundering.
He urged blockchain stakeholders to support public enlightenment and investor education, while also encouraging them to serve as whistleblowers in the fight against financial crimes.
In his remarks, Iwuno reaffirmed SiBAN’s commitment to ethical practices, revealing that the association has developed a code of ethics based on international standards. He called for closer collaboration with the EFCC on anti-scam campaigns, compliance monitoring, and knowledge sharing, stressing that regulation should balance innovation with investor protection.
Iwuno also warned that without proper safeguards, Nigeria’s fast-growing digital asset industry could expose the nation to risks such as money laundering, terrorism financing, and threats to national security.
