The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has observed that cryptocurrency as an innovation and transactional technology in the global economy requires governing rules to regulate its ecosystem in the country in order to prevent its fraudulent abuse.
He made the observation in Abuja on Wednesday, September 3, 2025 when Stakeholders in Blockchain Technology Association of Nigeria, SIBAN, led by their president, Obinna Iwuno paid him a courtesy visit at the Commission’s corporate headquarters.
Speaking through his Chief of Staff, Commander of the EFCC, CE Michael Nzekwe, Olukoyede stated that “Crypto is the new oil. There’s so much money in crypto. 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. The truth is that there’s a thin line between the genuine crypto operators and the fraudsters. What has been happening is that even politically-exposed persons are now using it as a means for laundering money and some of the actors in the ecosystem are falling for them. Even some of the ones you say are genuine, launder money. So , it’s important that we’re having this particular meeting,” he said.
While encouraging players in cryptocurrency and blockchain technology to prioritize enlightenment and training of investors, Olukoyede noted that SIBAN could contribute to the fight against money laundering by being whistleblowers.
“I think that one of the things that will be taken out from here is that we’re going to have a better time to sit down and look at all the issues deeply. I’m glad you are a trainer. Identify some key factors, one is enlightenment and training also. We want to ensure that we have a clean economy. We can collaborate to stop money laundering. You can blow the whistle. You can be a whistleblower,” he said.
Earlier in his remarks, Iwuno noted that the critical place of cryptocurrencies and blockchain technology in the national economy has motivated SIBAN to draw up a set of regulatory codes.
