EFCC Reveals Public Funds Moved to Crypto Wallets

The Economic and Financial Crimes Commission has disclosed that public funds were moved from a local government account into cryptocurrency wallets, highlighting a new method used by public officials to launder allegedly stolen money. EFCC Chairman Ola Olukoyede revealed the scheme during a media briefing in Abuja on September 1, 2026, while outlining the commission's achievements and internal reforms over the past three years. Olukoyede stated that the commission's Fraud Risk Assessment and Control Department detected the suspicious transactions and intervened by freezing the funds for 72 hours to trace their destination and purpose.