Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC)
Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has warned that Nigeria risks exposing its financial system to large-scale abuse if cryptocurrency activities continue to operate without proper regulation.
Olukoyede, represented by Michael Nzekwe, his Chief of Staff, made the call on Wednesday, when the leadership of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), led by its president, Obinna Iwuno, paid him a courtesy visit at the EFCC headquarters in Abuja.
He described cryptocurrency as an engine of global innovation and wealth creation, but equally as a potential enabler of money laundering, terrorism financing, and fraud if left unchecked.
“Crypto is the new oil. There’s so much money in it. But the ecosystem needs to be properly regulated. Without that regulation, even genuine actors will run into problems.
“There is a thin line between genuine crypto operators and fraudsters. Sadly, we are seeing politically exposed persons and even so-called legitimate actors exploiting crypto for laundering money,” Olukoyede said.
The EFCC boss urged SiBAN and other blockchain stakeholders to prioritise investor education and compliance as part of a wider partnership with regulators.
He suggested that the association could also play a vital role by reporting bad actors.
“You can collaborate with us to stop money laundering. You can blow the whistle. You can be whistleblowers. The more enlightenment and training we provide, the stronger our economy becomes,” he added.
In his remarks, Obinna Iwuno, SiBAN president, said the association has already developed a code of ethics modelled after global best practices, underscoring its readiness for regulation.
“We have drawn from international standards to create a code of ethics for practitioners and operators in Nigeria.
“This demonstrates our commitment to be ethical, regulated, and compliant with both local and global laws.
“We have been calling for regulation since 2018 because without it, Nigeria risks losing out to capital flight,” Iwuno said.
He stressed that SiBAN was keen to partner with the EFCC in investor education, anti-scam campaigns, and fraud reporting mechanisms.
According to him, the association had already mandated Know Your Customer (KYC) compliance for digital asset platforms and required operators to have compliance officers to ensure accountability.
Iwuno, however, cautioned that while regulation is critical to protect investors and safeguard the economy, it must not stifle innovation.
“As much as we push for regulation, we also want to make sure innovation is not strangulated.
“Nigeria has the largest youth population in Africa, and they are very active in this space. But without proper regulation, we stand at risk of money laundering, terrorism financing, threats to national security, and proliferation financing,” he said.
The SiBAN president expressed optimism that a stronger partnership with the EFCC would strike a balance between enabling innovation and curbing abuse in Nigeria’s growing cryptocurrency ecosystem.
