Ola Olukoyede, chair of the Economic and Financial Crimes Commission, indicated at an African Union event that corrupt politicians are using cryptocurrencies illegally to conceal their wealth.
Nigeria’s adoption of cryptocurrency has surged, resulting in over 30 identified Ponzi schemes. The Central Bank reported $56 billion in crypto transactions in one year, while financial fraud cases increased by 45%.
Experts argue for improved regulatory frameworks and cooperation with international law enforcement to combat crypto-related corruption, recommending mandatory asset declaration for politicians.
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