The Economic and Financial Crimes Commission (EFCC), on Thursday, July 10, marked the African Union Anti-Corruption Day with a public lecture held at the Bar House of the Nigerian Bar Association in Benin City. The event was themed “Understanding Virtual Assets and Investment Fraud.”
In his opening remarks delivered by Mr. Effah Mimoh, Acting Zonal Director of the Benin Zonal Directorate, EFCC Chairman Ola Olukoyede emphasized the growing misuse of cryptocurrencies for fraudulent activities. He noted the rising number of fraudsters taking advantage of unsuspecting investors and urged the public to conduct due diligence before committing funds and that the commission is ever ready to tackle these challenges and put a stop to these activities.
“For us at the EFCC, virtual asset fraud and investment scams are not hard nuts to crack,” Olukoyede stated. “Through proactive training and intelligence, we continue to expose and dismantle fraudulent schemes, including the infamous CEBEX scam.”
Speaking at the lecture, Mr. Joshua Abiama, a seasoned EFCC investigator in cryptocurrency and cybercrime, explained that while cryptocurrency itself is not illegal, it remains unsafe for major transactions due to its exploitation by fraudsters. He outlined strategies for identifying and avoiding investment scams, and advised victims on how to properly report fraudulent schemes.
Also speaking, Mr. Oluremi Idris underscored the difficulty in tracking crypto-based fraud, which, he said, allows scam operations to flourish. He strongly warned Nigerians against engaging in Ponzi schemes, stressing that such ventures are inherently unstable and ultimately destructive.
The EFCC, now in its 22nd year, reiterated its commitment to asset recovery and public sensitization in the ongoing fight against corruption and financial crimes.
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