Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments Warning

Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments Warning


Nigeria’s Economic and Financial Crimes Commission (EFCC) has become the latest body to warn of risks associated with cryptocurrency investments. In a public warning, the law enforcement agency argues that investing in cryptos “is a high-risk activity as the terrain is largely unregulated and prone to fraud.”

Proliferation of Scams

According to a report that quotes Wilson Uwujaren, the EFCC spokesperson, the law enforcement agency is alarmed by “the rate at which Nigerians sent them petitions on fraudulent investments.” Meanwhile, the spokesperson also bemoans the fact crypto scams continue to proliferate “despite enforcement and public enlightenment interventions by the commission and other stakeholders.”

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However, Uwujaren still urges the Nigerian investing public to be more careful when making investment decisions. He said:

While EFCC will continue to investigate and prosecute persons complicit in fraudulent investment schemes, it is incumbent on the investing public to be circumspect in their investment decisions.

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