PUBLIC FUNDS MOVED FROM LG ACCOUNT INTO CRYPTO WALLETS – EFCC
Afolalu Eniola Anthonia
Friday, 4 September 2026 · 1 min read
The EFCC Chairman, Ola Olukoyede, disclosed on Monday while addressing journalists in Abuja, how public funds were moved from a local government account to a private company before being transferred into cryptocurrency wallets.
The EFCC is shifting towards proactive fraud prevention, as evidenced by the recent use of its Fraud Risk Assessment and Control Department to freeze suspicious transactions which were detected within 72 hours.
The commission has enhanced its tech capabilities to trace digital wallets across roughly 40 licensed Nigerian virtual asset platforms. A new national confiscation wallet was established to keep virtual assets recovered by law enforcement agencies.
These recovered virtual assets had also contributed significantly to revenue mobilisation.
Source:
(https://punchng.com/public-funds-moved-from-lg-account-into-crypto-wallets-efcc/)
Written by: Adewumi Gbemisola
Edited by: Adewumi Gbemisola
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📰 MEDIZINE Online · Interviews & Features **PUBLIC FUNDS MOVED FROM LG ACCOUNT INTO CRYPTO WALLETS – EFCC** The EFCC Chairman, Ola Olukoyede, disclosed on Monday while addressing journalists in Abuja, how public funds were moved from a local government account to a private company before being transferred into cryptocurrency wallets. By Afolalu Eniola Anthonia Read the full story 👇 https://medizine.eksumsa.org/article/public-funds-moved-from-lg-account-into-crypto-wallets-efcc?ref=wa — Communicating life conversations.