Foreign Fraud Syndicates Smuggle Arms into Nigeria Using Cryptocurrency, EFCC Chairman Warns

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has disclosed that foreign fraud syndicates are not only infiltrating Nigerian cities but also using cryptocurrency to smuggle arms into the country.

Olukoyede made this alarming statement on Wednesday while hosting from the National Institute for Security Studies (NISS) in Abuja. The delegation was led by Hyginus Ngele, Director of Studies at the institute.

According to the EFCC chief, these organized criminal networks are setting up operational cells across Nigeria, luring young people into cybercrime and other illicit activities. Even more concerning, he revealed that some foreigners arrested for fraud in Nigeria were already convicted criminals in their home countries.

“Another dimension that is not given enough attention is the discovery that foreign fraud syndicates are establishing cells in Nigerian cities and recruiting young Nigerians into serious organized cybercrimes, including cryptocurrency fraud,” Olukoyede stated.

He went on to highlight a deeply troubling trend—these syndicates are allegedly financing the illegal importation of arms into Nigeria using cryptocurrency.

“We are beginning to see the likelihood, the propensity, that a lot of these people are involved in illegal arms importation, using cryptocurrency as a means of payment. This area must interest all of us,” he warned.

Another startling revelation from the EFCC boss was that many of the foreign fraudsters operating in Nigeria are ex-convicts who fled their home countries after serving or escaping prison sentences.

“Some of them don’t even have valid visas, and most of their financial activities were conducted through cryptocurrency,” he revealed. “We also found that they are not just in Nigeria—these criminal networks are setting up cells in other African nations as well.”

Olukoyede expressed deep concern over the movement of illicit arms across Nigeria’s borders, which has further escalated insecurity in the country, particularly in the North.

With Nigeria already battling multiple security threats, from insurgency to banditry, the revelation that fraud syndicates are fueling illegal arms trade through cryptocurrency raises critical national security concerns. The EFCC’s findings underline the urgent need for a multi-agency crackdown on financial crimes and border security breaches.