The Economic and Financial Crimes Commission has called on professionals in digital finance and law enforcement to actively demystify virtual assets for the Nigerian public, citing an increase in fraud linked to digital investment platforms.

The appeal was made on Thursday during a forum marking the African Union Anti-Corruption Day in Ilorin.

Speaking through Mr. Daniel Isei, the agency’s Zonal Director in Ilorin, EFCC Chairman Ola Olukoyede expressed concern that rapid technological advancements were being exploited by criminals. While virtual assets like cryptocurrencies are not inherently illegal, Olukoyede said they were now commonly used to launder money and promote fraudulent investment schemes.

He stated, “Technology is advancing rapidly, and while virtual assets were created for legitimate financial innovation, criminals are exploiting them.”

The EFCC cited ongoing investigations into public figures allegedly storing illicit wealth in cryptocurrency wallets. Olukoyede also referred to the CBEX investment scam as an example of how the public’s failure to verify platforms and report suspicious activity on time can lead to losses.

“No investment scam can succeed without the negligence of the investing public,” he said.

Assistant Chief Superintendent James Allison, in a related presentation, warned that citizens were increasingly vulnerable to scams involving digital currencies, NFTs, and unlicensed trading platforms.

He said fraudsters often advertise unrealistic returns and pressure individuals to invest quickly, then disappear once funds are transferred. “If it sounds too good to be true, it’s probably a fraud,” he said.

Both speakers emphasized that public education and early reporting are essential in reducing financial losses tied to these scams.

The EFCC said it has made progress in investigating cases involving virtual asset crimes but warned that ongoing vigilance and cross-sector collaboration are necessary.

The event, held at Sinclair Hotel in Ilorin, drew participants from various sectors including youth organisations, civil society, and security agencies. Discussions focused on closing information gaps that allow fraud to flourish and creating more accessible public resources for financial safety.