EFCC Traces Alleged Local Government Fund Diversion to Crypto Wallets
The Economic and Financial Crimes Commission says it traced suspected public funds from a local government account through a private company and into cryptocurrency wallets. EFCC Chairman Ola Olukoyede said the commission’s Fraud Risk Assessment and Control Department detected the transactions and froze the account for 72 hours while investigators examined the transfers. He did not name the local government, company or state involved, and said the case was not connected to Osun State. Olukoyede said officials increasingly use young people and students as alleged fronts to move illicit funds through crypto wallets. He added that the EFCC can trace wallets linked to virtual asset platforms registered in Nigeria and that the Federal Government has approved a national confiscation wallet for recovered digital assets.
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