Executive Chairman of the Economic
and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has warned
that virtual assets and investment scams may soon surpass money laundering as a
major financial crime challenge in Nigeria.
Olukoyede expressed his concerns at the African
Anti-Corruption Day Commemoration lecture in Sokoto, stating that virtual
assets and investment scams have the potential to outpace money laundering on
the continent.
He emphasized that illicit financial flows are a
significant challenge in Africa.
ASEI Promise Alaegbu, who presented a paper on
“Understanding Virtual Assets,” noted that the future of money is virtual
currency and that over 119 countries globally have adopted cryptocurrency.
However, he cautioned that virtual assets are highly
volatile, with regulatory uncertainty and no reversal of transactions, making
them prone to scams and cybersecurity risks.
ACE II Mustapha Abubakar Yusuf, who delivered a paper
on “Investment Fraud,” warned that no business can guarantee 100% investment
returns in a short period.
He advised that any business promising high returns
with low or no risk is not worth investing in.
Mustapha emphasized the importance of seeking advice
before making significant financial decisions and checking if a company is
regulated by the Securities and Exchange Commission (SEC).
He also defined fraud and Ponzi schemes, highlighting
the need for vigilance in financial transactions .
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