Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has raised the alarm that some corrupt Nigerian politicians are now hiding their illicit wealth in cryptocurrencies to evade scrutiny and detection by anti-graft agencies.

Ola Olukoyede, chairman, EFCC

The EFCC boss said the agency had uncovered a growing trend where fraudulent public officials now used cryptocurrency wallets to stash stolen public funds and conduct illicit transactions.

Olukoyede made the revelation at  an event commemorating Africa Anti-Corruption Day.

The event was held simultaneously in Abuja, Lagos and Ibadan, Oyo State.

Other speakers at the event lamented that Nigerians usually fell victim to crypto fraud, including the recent CBEX scam, where Nigerians lost over N1.3tn.

Olukoyede said, “Virtual asset fraud is on the rise. Our findings show that fraudulent politicians are already perfecting schemes and hiding their loot in cryptocurrencies to beat the investigative blackness of anti-corruption agencies.

“Stolen funds and unexplained wealth are being warehoused in wallets and payment for services are being done through this window,” he said.

Olukoyede warned that while the rise of virtual assets had transformed financial transactions globally, it had also created new avenues for money laundering and financial crimes.

He said, “Technology is moving at a supersonic speed around the world.

“The advent of virtual assets is a response to one of the qualities of money as a store of value like it is known in our elementary economies.”

“However, as with every progressive innovation, fraud starts to usually evolve, evolve ways of perverting their genuine purposes,” he said.

He added that the EFCC was not helpless in the face of the sophisticated schemes, noting that proactive training and intelligence sharing had enabled the commission to identify and investigate such cases.

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

Nigerian Communications Commission (NCC) has reiterated its commitment to safeguarding telecommunications infrastructure across the country, in line with President Bola Tinubu’s Executive Order, which criminalises the vandalism, theft or obstruction of critical national infrastructure.

The Commission noted that the enforcement drive is aimed at curbing the growing incidence of sabotage at telecom sites, which continues to degrade the quality of network services nationwide.

Speaking during a courtesy visit by the Executive of the Nigeria Union of Journalists (NUJ), Federal Capital Territory (FCT) Council to the Commission’s headquarters in Abuja, Mrs Nnenna Ukoha, head of Public Affairs at the NCC, reaffirmed the Commission’s resolve to act.

She stated, “President Tinubu signed the Executive Order on 24th June 2024, declaring telecom infrastructure as Critical National Information Infrastructure (CNII). The NCC is now mandated to implement this order fully, and anyone found tampering with these facilities will face the full weight of the law.”

Mrs Ukoha, who represented  Dr Aminu Maida, executive vice chairman and chief executive officer, added that the NCC has launched a nationwide awareness campaign to sensitise the public about the significance of protecting critical national infrastructure, including telecom, energy and transport facilities.

Expressing concern over rampant damage, she said, “The destruction of fibre cables, theft of generators and fuel, and removal of key components from telecom base stations have become all too common. These acts directly affect the quality of service that millions of Nigerians depend on.”

She identified three major challenges undermining telecom service delivery:

Vandalism and Theft: “We are witnessing frequent attacks on telecom sites. These lead to service outages and cost operators billions in repairs.”

Restricted Site Access: “Operators face obstruction from local communities, touts and even some government officials who demand levies, making it difficult to access sites for maintenance and refuelling.”

Road Construction Damage: “Ongoing road projects often result in accidental damage to underground fibre cables, further compounding the situation.”

Responding to public complaints about fast-depleting data, Mrs Ukoha clarified that “mobile network operators do not steal users’ data. What many people experience is due to automatic app updates, background processes, and hotspots being shared unknowingly.”

She advised users to be proactive: “We encourage consumers to review their phone settings, limit background data, turn off auto-play videos, and regularly change hotspot passwords.”

Commending the media, she added, “Journalists play a vital role in educating the public. We appreciate your efforts and urge continued partnership in disseminating accurate, impactful information.”

She also revealed the Commission’s drive to improve digital inclusion: “The NCC is committed to supporting underserved communities with affordable internet access and has commenced specialised training for journalists, particularly senior editors in Lagos and Abuja.”

Mrs Ukoha emphasised collaboration with government agencies to reduce infrastructure damage: “As construction projects expand nationwide, we must work together to prevent unnecessary damage to telecom assets.”

Also speaking, Mallam Yakubu Musa, head, Corporate Communications, NCC,  reinforced the importance of the media in the telecom ecosystem.

He said, “Our partnership with the press is key to promoting transparency, building consumer trust, and supporting regulatory compliance.”

In her remarks, Comrade Grace Ike, chairman, NUJ FCT, commended the NCC’s regulatory efforts and expressed interest in deeper collaboration.

She stated, “We look forward to partnering with the NCC on media training, expanding internet access for journalists, and enhancing public awareness. We also seek your support for our forthcoming Press Week and capacity-building programmes.”

She continued, “The NUJ recognises the importance of digital tools in journalism. Equipping media professionals with access and knowledge will strengthen democratic engagement and promote good governance.”

The NUJ delegation, comprising key executives and media team members, reiterated its commitment to working closely with the NCC to promote national development.

This enforcement initiative—anchored on President Tinubu’s July 2024 Executive Order—provides a solid legal framework for protecting vital telecom infrastructure and ensuring uninterrupted communication services.