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EFCC Reveals How Public Funds Were Moved From LG Account Into Crypto Wallets
The Economic and Financial Crimes Commission has disclosed how public funds were moved from a local government account to a private company before being transferred into cryptocurrency wallets.
The EFCC Chairman, Ola Olukoyede, disclosed on Monday while addressing media executives and journalists in Abuja, stressing that the commission could not ignore the suspicious movement of public funds.
Olukoyede, however, did not disclose the local government, company or state involved in the transaction.
He said the commission’s Fraud Risk Assessment and Control Department had detected the suspicious transactions and intervened by freezing the funds for 72 hours to establish their destination and purpose.
Olukoyede, however, expressed his displeasure over people who called for his head as a result of the action taken by his agency.
He said, “When we see money moving suspiciously, we move in and freeze it in the interim. I know some of you are calling for my head. The account was frozen for 72 hours. Okay, come and show where this money is going? Why are you moving money? We saw money being moved from the local government account to a company. Apart from that phase, we discovered that the money has gone into cryptocurrency wallets.
“Is that the road to build? Is that the power to generate cryptocurrency wallets for your people? Are you asking me to close my eyes and not do something like that? Then you don’t need me in this office.”
The EFCC boss said the development underscored the need for law enforcement agencies to shift from waiting for public funds to be stolen before taking action to preventing suspicious transactions from being completed.
“Why must we be waiting for money to be stolen? Why can’t we change the narrative? And that’s the main thing we need to bring to the office,” he said.
The disclosure comes against the backdrop of an outcry earlier in the month after the EFCC froze an account belonging to the Osun State Government, days before the August 15 governorship election.
However, Olukoyede did not link the transaction he cited to Osun State or any other particular state.
Olukoyede also said cybercrime had evolved beyond the traditional perception of “Yahoo Yahoo,” noting that some young people were being used as fronts by public officials to move allegedly stolen funds through cryptocurrency wallets.
He said, “We have gotten to a stage in Nigeria now that public officials steal money and they put it in cryptocurrency wallets.
“Most of the directors we are investigating now, you can’t trace tangible assets to them. They steal this money, give it to students, give it to young people. They open cryptocurrency wallets all over the world. They plunder the money there within 24 hours.
“The money moves abroad. They buy a house anywhere in the world, buy luxury items. Those are the recent trends.”
The EFCC boss also disclosed that the commission had developed the capacity to trace cryptocurrency wallets, particularly those linked to virtual asset platforms registered in Nigeria.
According to him, about 40 virtual asset platforms had been licensed, following regulatory measures introduced to strengthen oversight of the sector.
“Now we also have the capacity to trace cryptocurrency wallets now, at least with those that are registered in Nigeria, and we are doing that,” he said.
Reeling out the achievements of the commission in the last three years, Olukoyede said the commission had also recovered virtual assets in connection with the CBEX fraud, but identified the management of confiscated cryptocurrency as a challenge that had previously created accountability concerns.
“When you recover virtual assets, where do you put them? No accountability. That’s why we can’t continue like this,” he said.
He disclosed that the Federal Government had consequently approved the establishment of a national confiscation wallet where virtual assets recovered by law enforcement agencies would be kept.
“Today, now we have a national confiscation wallet. So if I confiscate virtual assets now, it’s a national wallet that we put into those,” he said.
Olukoyede further warned that the increasing use of cryptocurrency to move illicit funds required stronger technological capacity among financial and law enforcement institutions.
He said, “When we are talking about cybercrime, please cooperate with us, understand the scope. Not just Yahoo. Some of the people you are calling Yahoo, see your young children; they are stealing on behalf of London, on behalf of public servants.”
Olukoyede said the commission’s anti-corruption activities had also contributed significantly to revenue mobilisation, with federal and state tax recoveries amounting to approximately N288.1bn during the period under review.
He said the figure comprised about N173.2bn in federal tax recoveries and N114.9bn attributed to State Internal Revenue Services.
Oluyede also said more than 40 of its personnel were dismissed for alleged corruption and financial malpractice in the past two and a half to three years.
He added that some of the dismissed officials were already facing prosecution, while case files involving others were being prepared for prosecution.
By Gloria Ikibah
Deputy President of the Nigerian Senate and First Deputy Speaker of the ECOWAS Parliament, Senator Barau Jibrin, has urged West African countries to draw lessons from Nigeria’s experience with farmer-herder conflicts and the humanitarian crises arising from them.
First Deputy Speaker made the call in a presentation titled, “Strategies for addressing internal displacement and farmer-herder conflicts in Nigeria”, delivered on his behalf by Senator Sadiq Umar during the Second Extraordinary Session and Seminar of the ECOWAS Parliament in Accra, Ghana.
He said Nigeria’s experience offered important lessons for the region and the African continent, particularly in addressing conflicts linked to competition for land and water.
According to him, Nigeria has extensive agricultural and pastoral economies, with a large proportion of the population depending on farming and livestock production for their livelihoods.
He, however, said increasing pressure on land and water resources had contributed to conflicts, banditry, terrorism and other humanitarian disasters.
Barau said the Federal Government had introduced measures to address the humanitarian consequences of the conflicts, including the creation of the Ministry of Humanitarian Affairs and Poverty Reduction.
He said the ministry was, among other responsibilities, established to manage emergency relief operations and responses to internally displaced persons (IDPs).
He said: “Nigeria’s approach is increasingly consistent with the international shift from short-term humanitarian response towards government-led development-orientated solutions.
“Nigeria is also one of the countries selected under the United Nations Secretary-General’s Action Agenda on Internally Displaced and Focused National Pathways towards Durable Solutions.
“Nigeria’s commitment to the protection of internally displaced persons has also been strengthened through its engagement with the African Union Convention for the Protection and Assistance of Internally Displaced Persons in Africa, commonly known as the Kampala Convention”.
Despite these interventions, Barau expressed concern that the crisis had continued to defy efforts to resolve it, with more than three million Nigerians still living in internally displaced persons’ camps across the country.
He argued that internal displacement should not be regarded as the sole responsibility of humanitarian agencies, but should involve coordinated action by relevant Ministries, Departments and Agencies (MDAs), traditional institutions and other stakeholders.
First Deputy Speaker also called for greater attention to early warning systems, conflict prevention mechanisms and climate adaptation as part of efforts to prevent conflicts before they escalate.
He said livestock should not be viewed merely as a security issue but also as an important economic sector capable of contributing to livelihoods and national development.
According to him, investment in ranching, animal feeding and breeding could help reduce some of the pressures associated with uncontrolled livestock movement.
Barau also urged ECOWAS parliamentarians to develop appropriate legislative frameworks for the protection of displaced persons and the regulation of land and livestock management.
“Parliamentary committees should conduct evidence-based oversight of government programmes and expenditure relating to displacement, security, agriculture, livestock and reconstruction,” he said.
He stressed that Nigeria’s experience had shown that internal displacement and farmer-herder conflicts were complex challenges that could not be resolved through isolated interventions.
The Senator said effective implementation of policies and programmes was equally important to ensuring that farmers and herders could pursue their lawful and productive livelihoods without unnecessary conflict.
Barau’s presentation focused on Nigeria’s internal security challenges and their socio-economic consequences, while urging other countries in the region to focus more on preventing similar crises rather than waiting to respond after they occur.
“For Africa, the challenge extends beyond responding to crises after they occur, it requires building resilient institutions, economies and communities capable of preventing conflicts and protracted displacement.
“As parliamentarians, we have a responsibility to support appropriate legislation, strengthen oversight, promote inclusive dialogue and ensure that public resources are directed towards sustainable solutions,” he added.
By Gloria Ikibah
Third Deputy Speaker of the ECOWAS Parliament and member of Ghana’s delegation, Alexander Kwamena Afenyo-Markin, has called on parliamentarians to remain close to the people they represent and ensure that regional integration delivers tangible benefits to citizens.
Afenyo-Markin made the call during the ongoing Second Extraordinary Session and Seminar of the ECOWAS Parliament in Accra, Ghana, where he formally handed over his responsibilities to George Kweku-Ricketts Hagan of Cape Coast South, following the completion of his tenure.
The outgoing Deputy Speaker said regional integration must go beyond treaties, protocols and meetings among institutions, insisting that its impact must be visible in the daily lives of citizens across West Africa.
“Regional integration must be understood beyond treaties, protocols and meetings of institutions. Its true value must be felt in our communities, in the opportunities available to our young people, in the movement of our citizens and businesses across borders,” he said.
He said no single member state could successfully confront the challenges facing the region alone, stressing the need for collective action and stronger regional cooperation.
Afenyo-Markin also drew attention to the connection between climate change, poverty and insecurity in the region.
He said climate change could intensify existing pressures, worsen poverty, increase competition over land and water resources and threaten livelihoods.
He, however, cautioned against attributing every conflict in the region to climate change, urging policymakers to understand the relationship between environmental stress and insecurity without oversimplifying complex conflicts.
The outgoing Deputy Speaker also highlighted the importance of taking parliamentary activities beyond national capitals as part of efforts to bring regional institutions closer to the people.
He recalled the parliamentary seminar held in Congo Town, Liberia, in 2019 and the decision to take parliamentary activities to Winneba, the capital of his constituency, in 2021.
According to him, the initiative demonstrated the importance of taking the parliament to communities rather than limiting its activities to traditional political centres.
“Winneba subsequently hosted parliamentary activities on four occasions by 2024,” he said.
Afenyo-Markin said the visits provided residents with opportunities to interact directly with the regional institution, including traditional rulers, members of the business community, young people and the University of Education, Winneba.
“We must from time to time, leave the familiar surroundings of our national capital and meet our citizens where they live,” he said.
He noted that the approach had subsequently been extended to other locations, including Kano and Port Harcourt in Nigeria.
The lawmaker, who took time to highlight some of his contributions to his constituency and the wider region, said greater engagement with citizens remained central to strengthening the relevance of the ECOWAS Parliament.
At the handover ceremony, Afenyo-Markin expressed confidence in his successor, describing Hagan as a worthy parliamentarian with the experience required for the responsibility.
“He is a worthy member of Parliament, who I believe will succeed me in this responsibility. He is bringing his experience in parliamentary diplomacy and an understanding of regional integration to the role.
“Leadership is ultimately about service and continuity,” Afenyo-Markin said.
He also pledged his continued support to the ECOWAS Parliament, assuring that Ghana’s delegation would continue to contribute meaningfully to the work of the regional legislature.
By Gloria Ikibah
The Speaker of the ECOWAS Parliament, Rt. Hon. Memounatou Ibrahima, has described Ghana’s decision to elect a woman as Vice-President as an inspiration for women and girls across West Africa.
Speaker Ibrahima stated this when she met Ghana’s Vice-President, Professor Naana Jane Opoku-Agyemang, on the sidelines of the ongoing Second Extraordinary Session of the ECOWAS Parliament and the Second 2026 Parliamentary Seminar in Accra.
She expressed appreciation to the Vice-President for receiving her and for the speech she delivered at the opening of the parliamentary proceedings.
Ibrahima also commended President John Dramani Mahama and the people of Ghana, saying the country’s choice to have a woman occupy the vice presidency sent an important message across the region.
She said: “By entrusting the vice presidency to a woman, Ghana sends a powerful message to our entire region: that Africa believes in women’s leadership. Her journey is an inspiration to millions of young girls”.
The meeting also focused on the 25th anniversary of the ECOWAS Parliament and its core responsibilities, including issuing opinions on matters referred to it, examining the Community’s budget and conducting oversight missions.
The two leaders further discussed issues affecting young people across the region, particularly the harmonisation of curricula and mutual recognition of academic diplomas among ECOWAS member states.
Ibrahima said making it possible for qualifications obtained in one ECOWAS country to be recognised in another will strengthen regional integration and make free movement more meaningful.
She said a graduate from Lomé, Abuja or Dakar should be able to have their skills recognised in Accra, describing such recognition as an important step towards building an ECOWAS of the Peoples.
The Speaker thanked the Ghanaian authorities for their hospitality and the organisation of the parliamentary session.
The meeting forms part of the ECOWAS Parliament’s engagement with regional leaders as the institution marks its 25th anniversary and pursues integration priorities, including youth mobility and the recognition of academic qualifications across West Africa.
Rt. Hon. Ibrahima is the first woman to serve as Speaker of the ECOWAS Parliament since its establishment in 2000, having been elected to lead the sixth legislature in May 2024.
Ecoparl: Senator Barau Urges ECOWAS to Tackle Root Causes of Farmer-herder Conflicts
ECOWAS Parliament Must Stay Close to Citizens – Afenyo-Markin
Speaker Ibrahima Hails Ghana’s Female Vice Presidency, Pushes Diploma Recognition
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