Crypto crime surge hits $160 billion as Nigeria battles illicit transactions
Criminal networks are increasingly using cryptocurrencies to move illegal funds across borders, exploiting the rapid expansion of digital finance. In 2025 alone, global illicit crypto transactions surpassed $160 billion, raising alarms among regulators and law enforcement agencies. Nigeria, a leader in crypto adoption, has seen a sharp rise in related financial crimes, prompting urgent calls for stronger oversight and cooperation. The Economic and Financial Crimes Commission (EFCC) has warned that cryptocurrency-related crimes are escalating in Nigeria. In January, the agency uncovered a N162 billion fraud scheme involving a major commercial bank, six fintech firms, and several microfinance institutions—all linked to suspicious crypto transactions. EFCC Chairman Ola Olukoyede emphasised the need for better collaboration and institutional capacity to tackle the growing threat.
Globally, illegal crypto transactions have surged since 2023, hitting a record $154–158 billion in 2025—a 145–162% increase from the previous year. While these transactions now represent less than 1% of total crypto activity, their sheer volume has alarmed authorities. Key drivers include sanctions evasion, with Russia moving over $93 billion via stablecoins, Iran processing more than $3 billion through IRGC-linked addresses, and North Korea accounting for over 12% of cross-chain laundering. Asia-Pacific networks remain the dominant off-ramps for laundering these funds. In response, the United Nations Office on Drugs and Crime (UNODC) launched its Country Programme for Nigeria (2026–2030). The initiative aims to strengthen criminal justice systems, combat corruption, and disrupt illicit financial flows. It will also focus on counter-terrorism, organised crime, and drug trafficking, addressing Nigeria's complex security challenges. Musa Aliyu, Chairman of the Independent Corrupt Practices Commission, stressed the importance of inter-agency cooperation to counter these threats effectively.
The UNODC's five-year programme will support Nigerian institutions in tackling financial crimes, corruption, and transnational threats. With illicit crypto transactions reaching unprecedented levels, authorities are under pressure to enhance enforcement and regulatory frameworks. The success of these efforts will depend on sustained collaboration between local and international agencies.
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