The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called for robust regulatory frameworks to govern Nigeria’s cryptocurrency sector, warning that without clear rules the space could become a safe haven for fraud and money laundering.
Speaking on Wednesday, September 3, 2025, during a courtesy visit by the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), Olukoyede described cryptocurrency as “the new oil,” stressing both its financial promise and the dangers it poses.
He noted the “thin line” separating legitimate operators from fraudsters, adding that even politically exposed persons are increasingly using digital assets to conceal illicit funds.
“The ecosystem is something that needs to be properly regulated. If that regulation is not done, even the genuine actors will run into big problems,” Olukoyede said through his Chief of Staff, CE Michael Nzekwe.
Olukoyede urged SIBAN to step up its role in safeguarding the industry by educating investors and serving as whistleblowers where necessary. He expressed optimism that collaboration between both institutions could strengthen efforts to protect the economy from financial crime.
SIBAN President Obinna Iwuno, in his response, aligned with the call for stronger regulation. He explained that the association has already developed a code of ethics anchored on international best practices and has long advocated for regulation, dating back to 2018, to protect Nigeria’s fast-growing digital asset industry.
Iwuno proposed a formal partnership with the EFCC, focusing on joint awareness campaigns, anti-scam initiatives, and systems for reporting offenders. He also noted that industry platforms are already being urged to implement Know Your Customer (KYC) checks and appoint compliance officers.
He warned that without timely regulation, Nigeria’s youthful and dynamic crypto ecosystem could be hijacked by criminal networks for money laundering, terrorism financing, and other threats to national security.