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. He did not identify the specific local government, company, or state involved. The chairman defended the action against criticism, asking why the commission should wait for money to be stolen before acting. He emphasized the need for law enforcement to shift toward preventing suspicious transactions from being completed.

The disclosure comes amid recent controversy over the EFCC's freezing of an account belonging to the Osun State Government days before the August 15 governorship election. However, Olukoyede did not link the cryptocurrency...