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EFCC Raises Alarm on Digital Investment Scams Crippling Nigeria

EFCC warns digital investment scams in Nigeria could surpass money laundering, urging public awareness as virtual assets grow in popularity and misuse.

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EFCC warns digital investment scams in Nigeria could surpass money laundering, urging public awareness as virtual assets grow in popularity and misuse

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Digital investment scams Nigeria is facing today may soon eclipse even traditional money laundering, according to the Economic and Financial Crimes Commission (EFCC).

Also read: EFCC Arrests 74 Fraudsters in Shocking Abuja Raid at Joyous Hotel

During a lecture to mark African Anti-Corruption Day in Sokoto, EFCC Chairman Ola Olukoyede issued a stark warning, describing virtual investment fraud as a rapidly rising threat to the nation’s financial stability.

Represented by DCE Nwanneka Nwokike, Olukoyede said, “Another rising criminal engagement that has the potential to outpace even money laundering on the continent is virtual assets and investment scam.”

He stressed that while virtual currencies themselves are not criminal, their fraudulent misuse is becoming increasingly common.

The lecture, themed “Understanding Virtual Assets and Investment Scam,” explored how virtual assets are changing the global financial system.

According to presenter Promise Alaegbu, “More than half of the world has adopted cryptocurrency, with over 119 countries using it.” He added that although virtual assets are legal in Nigeria, they carry high volatility, regulatory uncertainty, and a risk of cybercrime.

Alaegbu explained, “The future of money is digital. But that future depends on our understanding of how it works.” He warned that virtual transactions are irreversible and technically complex, making them attractive tools for fraudsters.

In a follow-up presentation, Mustapha Abubakar Yusuf, head of the EFCC Sokoto Zonal Office’s Tax Fraud Section, addressed the dangers of investment fraud.

He cautioned the public against unrealistic investment promises, stating, “It’s not realistic to have a 100 percent return on investment within 1 or 2 months. No legitimate organisation will pressure you to invest immediately.”

Yusuf clearly distinguished between scams and Ponzi schemes. “A scam involves deceiving someone to give up something of value. A Ponzi scheme uses new investors’ money to pay previous investors—it’s not sustainable.”

To protect themselves, Yusuf urged Nigerians to seek professional advice before investing and verify that any company is regulated by the Securities and Exchange Commission (SEC). He also warned citizens to report suspicious investment schemes.

Olukoyede appealed to the public to contribute to national stability by reporting fraudulent activities. “Let us make Nigeria work for all by refusing to fall for scams and by blowing the whistle where necessary.”

Also read: N8.5 billion bank fraud: EFCC arraigns three bankers, four suspects in Lagos

As digital finance becomes the norm, the EFCC remains firm on its stance: education, regulation, and vigilance are key to safeguarding Nigeria’s economy.

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Gunmen Kill Four in Deadly Plateau Community Attack

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Plateau community attack leaves four dead in Sabon Angwa as residents question security measures and report an earlier warning to authorities

Four residents have been killed after suspected armed attackers stormed Sabon Angwa community, around Bet/Zat in Barkin Ladi Local Government Area of Plateau State, at about 8pm on Thursday, 29 October 2026, opening fire despite an existing security curfew and raising fresh concerns over the protection of vulnerable communities.

Also read: Nigerian Army Trains, Graduates 384 Female Soldiers in Abuja

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The latest Plateau community attack has renewed questions about the effectiveness of security measures in parts of the state, particularly after a resident alleged that authorities had received an early warning about the threat a day before the shooting.

According to accounts from residents and community representatives, the attackers entered the settlement and fired sporadically at people in the area, creating panic as residents struggled to find safety.

A Barkin Ladi resident, Bulus Jok, who confirmed the incident, said the attackers struck despite restrictions introduced to improve security in the area.

“The gunmen struck the community around 8pm despite the curfew in place and started shooting sporadically,” Jok said.

He added that the attackers appeared to fire indiscriminately, leaving four people dead.

“They were shooting at anything they saw. The attack created panic in the community, and four people were killed,” he said.

Jok described the incident as particularly troubling because of an alleged warning issued before the attack.

“The incident is very sad, especially as there had been an early warning alert sent to the relevant authorities a day before the attack,” he added.

The account has raised concerns about how security agencies receive, assess and respond to intelligence from communities facing recurring threats.

However, the allegation of an advance warning has not been independently verified, and the identities of the authorities reportedly alerted were not disclosed.

The Publicity Secretary of the Berom Youth Moulders-Association (BYM), Rwang Tengwong, also confirmed the attack, describing the assailants as terrorist gangs.

In a statement, Tengwong said four people had been shot dead during the incident and condemned the violence against residents.

“We condemn this latest attack in strong terms and lament the loss of these lives,” he said.

He questioned the continued vulnerability of communities despite the security restrictions and other measures introduced to prevent further violence.

“It is disturbing that communities are still being attacked despite the security measures and curfew put in place to protect residents,” Tengwong added.

The association called on security agencies to strengthen surveillance, improve intelligence gathering and respond more promptly to warnings from residents.

“We call on security agencies to strengthen their presence and respond promptly to early warning alerts,” the spokesman said.

The latest killings add to the security challenges confronting Plateau State, particularly communities in Barkin Ladi, Riyom and surrounding areas, where attacks have repeatedly resulted in deaths, displacement and damage to livelihoods.

The state’s security situation has been shaped by longstanding communal tensions, disputes over land and resources, criminal violence and attacks involving armed groups.

The overlapping causes have made lasting peace difficult in several rural communities.

Barkin Ladi, in particular, has experienced repeated episodes of violence over the years, leaving residents concerned about their safety and the ability of security forces to prevent fresh attacks.

The curfew imposed in parts of Plateau was intended to restrict movement and provide security agencies with greater control over potentially volatile areas.

However, Thursday night’s incident has raised questions about whether existing enforcement arrangements are sufficient to deter armed groups.

Beyond the immediate loss of four lives, the attack has renewed calls for stronger cooperation between local communities and security agencies, especially in the handling of intelligence that could help prevent violence.

At the time of filing the original report, efforts to obtain further details from security operatives had been unsuccessful.

No official account of the incident, arrests or the identities of the victims had been provided.

It also remained unclear whether the attackers had been identified or what specific motive lay behind the assault.

For residents of Sabon Angwa, the immediate concern is the safety of surviving families and the prevention of further violence.

Community representatives are urging authorities to move beyond general assurances and strengthen the security presence in vulnerable settlements.

Also read: Nigerian Army Trains, Graduates 384 Female Soldiers in Abuja

The latest killings have once again highlighted the human cost of insecurity in Plateau State and the urgent need for effective early-warning responses, coordinated security operations and lasting protection for rural communities.

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Osun amotekun dismisses officer over gross misconduct

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 Osun Amotekun dismisses officer Awopeju Cornelious Sanjo after disciplinary proceedings, reinforcing its stance on accountability and professional conduct

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ICPC witness says UNN, NYSC rejected Nnaji’s certificates

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Nnaji’s certificates face fresh scrutiny as an ICPC witness tells an Abuja court that UNN and NYSC denied issuing the disputed credentials

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