The Economic and Financial Crimes Commission (EFCC) has uncovered a transaction in which public funds were allegedly moved from a local government account to a private company and subsequently transferred into cryptocurrency wallets.
Ola Olukoyede, Chairman of the commission, disclosed this on Monday in Abuja while addressing media executives and journalists, saying the development demonstrated the increasingly sophisticated methods being used to move suspected illicit funds.
Olukoyede, however, did not identify the local government, the private company or the state involved in the transaction.
He said the suspicious movement was detected by the commission’s Fraud Risk Assessment and Control Department, which intervened by freezing the account for 72 hours to establish the destination and purpose of the funds.
“When we see money moving suspiciously, we move in and freeze it in the interim. I know some of you are calling for my head. The account was frozen for 72 hours. Okay, come and show where this money is going? Why are you moving money?
