The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has stressed the urgent need for governing rules to regulate cryptocurrency and blockchain transactions in Nigeria, warning that without proper oversight, the system risks becoming a fertile ground for fraud and money laundering.
Olukoyede made this position clear on Wednesday, September 3, 2025, when a delegation from the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), led by its President, Obinna Iwuno, paid a courtesy visit to the Commission’s headquarters in Abuja. Represented by his Chief of Staff, CE Michael Nzekwe, the EFCC Chairman described cryptocurrency as “the new oil” but emphasized that its unregulated growth could undermine the economy.
“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,” Olukoyede said, adding that both genuine and fraudulent players were exploiting the grey areas of the system. He warned that politically-exposed persons have also begun using digital assets for laundering illicit funds, blurring the lines between legitimate operators and bad actors.
He called on stakeholders to step up enlightenment and investor education, noting that SIBAN itself could play a vital role in combating fraud by becoming whistleblowers when necessary. “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 told the delegation.
In his remarks, SIBAN President Obinna Iwuno outlined the association’s commitment to responsible innovation, disclosing that it had already developed a code of ethics guided by international best practices. He said this framework, which demands ethical compliance from practitioners, is proof of the industry’s willingness to embrace regulation.
“We have declared our openness and our needs for regulation. We have been on this since 2018, asking to regulate this sector so that we don’t lose out and become victims of capital flight,” Iwuno said. He urged EFCC to partner with SIBAN on education, awareness creation, anti-scam campaigns, and capacity-building for crypto fraud investigations.
Iwuno stressed that proper Know Your Customer (KYC) protocols must be enforced by all digital asset platforms, alongside mandatory compliance officers, to strengthen transparency. While acknowledging the risks of money laundering, terrorism financing, and other security threats, he also appealed for regulation that protects investors without stifling innovation.
“Nigeria has the largest youth population in Africa, and our people are some of the most active globally. But if our fast-growing crypto ecosystem is left unregulated, it may open up to risks that threaten both investors and national security,” he cautioned.
The meeting between EFCC and SIBAN is seen as a crucial step towards striking a balance between innovation and accountability in the cryptocurrency space, with both sides expressing readiness to deepen collaboration in safeguarding the economy from abuse while positioning Nigeria as a responsible player in the global digital asset market.
Reported by: Stone Reporters News
📩 info@stonereportersnews.com | 🌍 stonereportersnews.com
📘 Facebook: Stone Reporters | 🐦 X (Twitter): @StoneReportNews
Add comment
Comments