EFCC Uncovers Use of Cryptocurrency in Illegal Arms Importation

• The Economic and Financial Crimes Commission (EFCC) has uncovered the use of cryptocurrency in illegal arms importation into Nigeria.

• EFCC Chairman Ola Olukoyede made the disclosure while receiving participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS).

• The EFCC has also warned of foreign syndicates recruiting young Nigerians for crypto fraud.

…Warns of Foreign Syndicates Recruiting Young Nigerians for Crypto Fraud

The Economic and Financial Crimes Commission (EFCC) has revealed that cryptocurrency is being utilized as a means of payment for the importation of illegal arms into Nigeria.

EFCC Chairman Ola Olukoyede made the disclosure on Wednesday while receiving participants of the Executive Intelligence Management Course (EIMC) 18 of the National Institute for Security Studies (NISS), led by Director of Studies Hyginus Ngele, at the Commission’s headquarters.

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Olukoyede expressed concern over the development, stating that “we are beginning to see the likelihood and propensity that many people are into the illegal importation of arms into the country using cryptocurrency as a means of payment. This is an area that must interest all of us.”

He also emphasized the need for concerted efforts to combat the security threats posed by foreign syndicates recruiting young Nigerians for crypto fraud.

READ ALSO: EFCC Arraigns 11 Chinese Nationals, Company for Alleged Cybercrime in Lagos

“Another dimension that is not given attention is the discovery, recently, that organized foreign fraud syndicates are establishing cells in Nigerian cities and recruiting young Nigerians into serious organized cybercrimes, including cryptocurrency fraud,” Olukoyede said ¹.

The EFCC has been working to combat financial crimes, including those involving cryptocurrency.

Last week, the Commission announced the return of a total of $120,548.43 and N70,602,841.46 to American, Spanish, and Swiss nationals who fell victim to fraud schemes perpetrated by Nigerian fraudsters.

EFCC Arraigns 4 Chinese Nationals for Alleged Cyber-Terrorism, Internet Fraud

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned four Chinese nationals at the Federal High Court in Lagos for alleged cryptocurrency investment and romance fraud.

The defendants, Xia Guang Can, Li Xu Xin, Zhang Xue Hui, and Lu Yubo, were part of a 792-member syndicate arrested in Lagos by EFCC officers last year.

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