EFCC Uncovers Suspected Diversion of LG Funds Into Crypto Wallets

The Economic and Financial Crimes Commission has uncovered suspicious transactions involving funds allegedly transferred from a local government account to a private company and later moved into cryptocurrency wallets.

EFCC Chairman, Ola Olukoyede, said the commission’s Fraud Risk Assessment and Control Department detected the transactions and intervened by freezing an account for 72 hours to trace the movement of the funds.

According to Olukoyede, investigators discovered that the money moved from a local government account to a company before being transferred into cryptocurrency wallets.

He did not disclose the local government, state or company involved.

Olukoyede said the EFCC would continue investigating suspicious movements of public funds and take action where financial crimes are established.

The development has raised concerns over the monitoring of local government finances and the use of cryptocurrency channels to move suspected illicit funds.