Crypto Fraud: A notable EFCC operation in Nigeria results in over 100 convictions and deportations, targeting crypto investment schemes fraudulently

In a bold move to protect its digital frontier and serve as a model for other African nations, Nigeria is ramping up its efforts to combat the darker side of the crypto revolution. This crackdown on cryptocurrency-related cybercrime is one of the most significant in the region.

The Economic and Financial Crimes Commission (EFCC) of Nigeria has been at the forefront of this fight. In a series of high-profile operations, the commission has arrested over 1,000 individuals, including foreign nationals, and recovered billions of Naira in cash and assets.

One such operation, code-named 'Eagle Flush,' stormed a seven-story building on Victoria Island, Lagos, where 792 suspects were arrested. The foreign operatives recruited in this operation were primarily from China, the Philippines, Eastern Europe, and North Africa, who recruited young Nigerians to execute romance and crypto investment scams, targeting victims primarily in North America, Europe, and Asia.

So far, 60 Chinese, 39 Filipinos, and a Tunisian national have been deported from Nigeria following convictions in the crackdown. The CBEX Ponzi scheme, which defrauded investors of over ₦1.4 trillion (~$900 million), was one such scheme that was dismantled.

EFCC Nigeria Chair, Ola Olukoyede, has warned about the growing role of foreign syndicates in Nigeria's crypto fraud landscape. He has also emphasised the need for greater regulatory oversight of the crypto sector and a 300% increase in the cybercrime-fighting budget.

The Nigerian Securities and Exchange Commission (SEC) continues to emphasise the importance of investor education. In 2024, the Investment and Securities Act introduced clearer guidelines for digital asset operators. At the 2025 African Anti-Corruption Day, EFCC Nigeria officials reiterated these calls, urging for greater regulatory oversight of the crypto sector.

However, EFCC Nigeria needs greater forensic capacity, better intelligence tools, and stronger collaboration with international partners and blockchain analytics firms. The commission has raised concerns over the increased use of cryptocurrency wallets by corrupt politicians and cybercriminals to hide illicit wealth.

Despite these challenges, Nigeria's aggressive stance on crypto-related cybercrime sends a clear message: Digital innovation must be matched by digital responsibility. With over 33% of the population engaged in digital assets, it is crucial that Nigeria leads the way in ensuring the safe and secure use of these technologies.

Crypto Fraud: A notable EFCC operation in Nigeria results in over 100 convictions and deportations, targeting crypto investment schemes fraudulently