'Rogue Politicians' Using Crypto to Hide Proceeds of Corruption: Nigeria EFCC Chair

Key Points

1. Ola Olukoyede, Executive Chairman of Nigeria's EFCC, warns about cryptocurrency being used to obscure illicit wealth, particularly in investment fraud.

2. David Ugolor of ANEEJ notes a lack of verifiable data on crypto-held unexplained wealth but acknowledges the plausibility of its use by Nigeria's political elite.

3. The Central Bank of Nigeria reports over $56 billion in crypto transactions between July 2022 and June 2023, alongside a 45% rise in financial fraud cases.

4. A U.S. scammer posed as a Trump-Vance official, stealing $250K in crypto via a deceptive email with a subtle typo.

5. Nigeria's SEC issues its first crypto exchange licenses to Busha Digital and Quidax Technologies under its Accelerated Regulatory Incubation Program (ARIP).