The Economic and Financial Crimes Commission (EFCC) has issued a stark warning regarding the escalating threat of cryptocurrency-related crimes, announcing that illicit digital currency transactions globally exceeded $160 billion in 2025.

EFCC Chairman Ola Olukoyede made this disclosure on March 27 in Abuja during the inauguration of the United Nations Office on Drugs and Crime (UNODC) Country Programme for Nigeria, which covers the period 2026–2030.

The UNODC, a United Nations agency dedicated to combating illicit drugs, transnational crime, corruption, and terrorism, has designed its Nigeria country programme to bolster institutional capacity, support law enforcement agencies, and address emerging security and financial crime challenges through coordinated international efforts.

Anti-corruption agencies have noted that the rapid expansion of digital finance has created new vulnerabilities, which criminal networks are exploiting through cryptocurrencies to move illicit funds across international borders.

“Last year, the world lost over $160 billion to illicit transactions in cryptocurrencies,” Olukoyede stated, emphasizing the need for stronger collaboration and enhanced institutional capacity to combat this growing threat.

Musa Aliyu, Chairman of the Independent Corrupt Practices and Other Related Offences Commission, also highlighted the intricate nature of Nigeria’s security and corruption challenges, underscoring that no single agency can effectively tackle them alone.

“There is a common point of truth, Nigerian society is entangled with many ills, and no agency can fight them alone,” he remarked, reaffirming the critical importance of inter-agency collaboration.

The newly launched UNODC Country Programme for Nigeria (2026–2030) serves as a strategic framework to address crime, corruption, and security threats at both national and regional levels. It acknowledges Nigeria's pivotal role in confronting transnational organised crime, drug trafficking, and terrorism, while guiding support for federal, state, and local authorities.

Key priorities within the programme include strengthening criminal justice systems, combating corruption and illicit financial flows, enhancing security and counter-terrorism efforts, tackling organised crime, and improving responses to drug trafficking and related health issues.

This warning comes at a time when Nigeria is experiencing a rise in cryptocurrency-related crimes, with the country being among the highest globally in terms of crypto adoption.

In January 2026, Nairametrics reported that the EFCC had linked a new-generation commercial bank, six fintech firms, and several microfinance banks to a N162 billion fraud involving cryptocurrency transactions.