Economic and Financial Crimes Commission and the Fight Against Virtual Currency-Related Crimes in Nigeria

The rise of virtual currencies has given rise to novel forms of financial crime. This study conducted an assessment to determine the effectiveness of the Economic and Financial Crimes Commission (EFCC) in combating virtual currency-related financial crimes, with a focus on phishing scams and Ponzi schemes. The study used secondary sources and employed content analysis as its data collection method. Narrative analysis was employed, and structural-functional theory served as the theoretical framework. The study finds that virtual currency–related phishing scams and Ponzi schemes continue to proliferate unchecked in Nigeria. Despite its efforts, the Economic and Financial Crimes Commission (EFCC) has not effectively mitigated these financial crimes, suggesting that its current strategies and resources are insufficient to address the evolving nature of virtual currency-related financial crimes. In light of these findings, the study recommends that the EFCC invest more funds in acquiring advanced technological capabilities and devote greater effort to enhancing its staff's skills. That will adequately position the EFCC to stay ahead of cybercriminals who adopt sophisticated methods to perpetrate financial crimes.