Investment Fraud Alert: Olukoyede Urges Public to Remain Vigilant

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has cautioned the public to be vigilant and apply care when selecting investment opportunities to avoid falling victim to fraudulent schemes.

He made this statement during a Public Lecture in Abuja to commemorate the 2025 African Union Anti-corruption Day, with a focus on "Understanding Virtual Asset and Investment Fraud." Olukoyede emphasized the importance of due diligence by investors to prevent the spread of such frauds, citing the CBEX situation as a prime example where lack of investor caution led to significant financial losses.

The EFCC is concerned about the increasing prevalence of investment fraud and virtual assets scams across Africa, with a 45% surge in financial fraud cases in Nigeria linked to digital channels, including unregulated virtual asset platforms. The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have also expressed concerns about the misuse of cryptocurrencies and the challenges they pose to financial integrity and consumer confidence.

The CBN, which regulates cryptocurrency for payments in the country, and the SEC, which is the primary regulator for virtual assets considered as securities or investment products, are working together to combat these issues. The National Orientation Agency (NOA) has also launched a nationwide campaign to educate citizens on the dangers of the get-rich-quick mentality and the importance of honesty and hard work.

The EFCC is actively involved in training and intelligence gathering to address these emerging crimes and has had notable successes, such as in the investigation and prosecution of the CBEX scam. The commission is committed to ensuring that the financial system remains secure and that investors are protected from fraudulent schemes. The public is advised to report any suspicious transactions and to be wary of investments that promise unrealistically high returns.