But somewhere between the rise of regulation and the fear of fraud, that momentum began to fade. As the world now steps into a new era defined by crypto and blockchain, Nigeria once again stands at a crossroads, brimming with potential yet constrained by hesitation.

Across Asia, countries like China and India have turned cautious curiosity into structured leadership. China, despite its restrictions on private crypto trading, has redefined financial innovation through its digital yuan, now adopted by over 260 million users.

India went even further, transforming regulation into opportunity by building one of the world’s strongest digital finance ecosystems, processing over 10 billion transactions monthly.

While these nations are building confidence through clarity, Nigeria risks being caught in limbo. We are slowly becoming a nation of innovators without the structure to channel our brilliance.

Our true strength lies in our people, bold, creative, and determined to forge our own path. Between July 2023 and June 2024, Nigerians traded nearly $60 billion worth of crypto assets, ranking third globally in grassroots adoption.

This isn’t just a passing trend; it’s a generational shift, a population that trusts digital assets more than traditional systems; using crypto for payments, remittances, and savings. The momentum is great. But, without structure it is fragile.

EFCC Chairman Ola Olukoyede recently warned of a thin line between genuine traders and fraudsters, following the arrest of over 790 suspects in Lagos linked to crypto-related scams.

This points to the fact that our problem isn’t innovation, it’s the absence of a framework that separates progress from exploitation.

Without clear regulations, even legitimate operators risk being ensnared in efforts aimed at bad players.

The Cost of Regulatory Delay

Every time Nigeria delays decisive regulation, opportunity slips away.

The crypto economy represents our next trillion-dollar opportunity, but hesitation threatens to push innovators and builders to other countries where innovation and policy move in sync.

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has developed a Code of Ethics for Practitioners, a framework designed to align innovation with compliance. The private sector has actively shown readiness to collaborate with regulators, not against them.

If crypto is indeed “the new oil,” as the EFCC Chairman aptly described, then it’s time we built the refinery. Crafting regulation that protects without paralysing, establishing systems that foster trust and showing leadership that acts with purpose and urgency.

The future of finance is borderless, data-driven and powered by youth. China and India, amongst other countries, are already shaping that future, and Nigeria has the same ingredients: the talent, adoption, and ambition to lead. What we lack is courage.

In the global race to define the future of finance, hesitation  is surrender. Nigeria has never been a nation that watches from the sidelines, and now, more than ever, we cannot afford to start.

About the Author

Bidemi Oke is the Chief Executive Officer of FlashChange, a fintech platform focused on secure digital asset exchange. He is an entrepreneur and vibrant leader, recognised for driving innovation and redefining access in the financial technology industry.

Speaking during an interview with TVC, EFCC Chairman Ola Olukoyede confirmed that the agency is deep into its probe of the scheme. “We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he stated.

CBEX had lured Nigerians with promises of 100% returns in 30 days, using seminars and well-packaged presentations, including appearances by individuals posing as capital market professionals. 

Behind the scenes, however, foreign operatives were orchestrating a large-scale fraud with the support of local recruits. Many investors watched their account balances vanish after withdrawal restrictions began on 9 April 2025.

Olukoyede revealed that the EFCC has been tracking the flow of funds through complex layers of cryptocurrency wallets. “Even though in the crypto wallet, the same way the money was taken from them, there is no way you will get them in dollars. There is no way you get the dollars in cash without necessarily going through the same process,” he explained.

The fraudsters used non-custodial wallets, unregistered and anonymous, making it difficult to trace the end beneficiaries. “We are still investigating a lot of wallets and the wallets they created are called noncustodian wallets; in other words, no KYC. So, you can’t trace it to anybody,” he said. 

These funds were moved through Europe, with Eastern Europe and Cambodia identified as key destinations. “From the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed.”

The agency says it has arrested some suspects but is still searching for others who fled. “We are not going to give out too much because we don’t want the process to be truncated,” Olukoyede said. “We are still after quite a number of people that we have declared wanted.”

The scheme’s deceptive structure, the chairman noted, involved foreigners partnering with Nigerians to register clients, organise awareness campaigns, and hold investment seminars. 

“They registered the clients and they used them to create awareness. In fact, they have seminars. We have the tape of their seminars and their conferences. They bring in professionals, people who are specialists in capital markets. Yes, there was the case that they brought a PhD holder, a specialist in capital markets.”

Thousands of Nigerians, believing the platform was credible, invested their savings, only for it to collapse. Many were told to deposit additional funds in order to reactivate their frozen accounts. Victims reported being asked to pay at least $100, or $200 if their balance exceeded $1,000.

However, even after the collapse, CBEX reportedly resumed operations under the radar, reactivating new user registration and offering withdrawals. This was seen by many as a tactic to deflect investigations from legal authorities and attract fresh victims.

The EFCC has warned that the public must stay vigilant. “I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,” Olukoyede warned.

Investigations continue as the Commission digs deeper into CBEX’s network and monitors blocked wallets for any movement of funds. For now, the fight to reclaim stolen money and hold those responsible to account is still ongoing.

According to a statement put up on its verified X handle, the alleged currency speculators were arrested on Friday, April 26, 2024 in a sting operation following credible intelligence about illegal sales of dollars at the Wuse Zone 4 area of the Federal Capital Territory Abuja.

The suspects are: Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Lawal, Usman Umar, Amina Garba Rola, Muhammed Aliyu, Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, Munzali Hashim, Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido and Abdulaziz Abubakar Abba.

“Their arrest came on the heels of the EFCC’s consistent efforts to sanitise and stabilise the foreign exchange market.

“They will soon be arraigned in court upon conclusion of investigations”, EFCC said.

This was even as Governor Peter Mbah commended the Economic and Financial Crimes Commission, EFCC, on its success at fighting corruption, reiterating the commitment of his administration to waging a remorseless war on corruption and insecurity, saying it was critical to the effort to grow Enugu’s economy from a $4.4 billion to $30 billion economy and eradicate poverty.

Speaking at the official commissioning of the EFCC Enugu Zonal Command Complex, Tuesday, Ribadu, who was the Special Guest of Honour, reiterated the federal government’s commitment to the war against insecurity and corruption across the country, saying the President Bola Tinubu administration had no room for corrupt EFCC officers and law enforcement agents.

He said:

“Your Excellency, the governor, we want to thank you so much for the good work you are doing, not just for Enugu State, but for our country. Things are changing. We are getting better here and things are improving. You are one of the very, very few that has shown that, indeed, it is possible. Security is getting back to normalcy in Enugu State and, by extension, the South East. And you are in the forefront of it. We recognise that and thank you for the good work you are doing. The economy is improving. It is clear. You are addressing insecurity. You are engaging.

“We believe that with leaders like you, the human challenges and the typical things we had to face in the past will certainly be put behind us. We want to encourage you and all those, who are doing exceptionally good work in restoring order in Nigeria.

“We were here in June and we had an interaction with the governor, and he came out strongly and courageously. He said that he would do his best to restore order. Today, based on our own records and statistics – because we get daily reports of activities – there are lots of instances or days or even weeks and more that we have not recorded one single violence or incident of either terrorism or even kidnapping. They are going extremely down in Enugu State and by extension the South East. Things have changed.

“Unfortunately, before the coming of this administration, police stations were being attacked, law enforcement people were being attacked. People were giving selfish orders. Those who are not even in Nigeria will sit somewhere in the comfort of the countries where they live and be giving instructions that people should not go to work; should not go out to look for their own livelihood and people used to take such orders.  But no more; it is no longer happening. We thank the leaders who have emerged in the South East and we thank the federal government for engagement.

“We want to thank the governor of Enugu State. He has done a wonderful job. And also tell people of this state to support him. He is doing a good job. We are very, very proud of what is happening today in Enugu State and the South East by extension”.

As part of the security effort, he reiterated the commitment of the Tinubu administration to giving every Nigerian a sense of belonging and treating every part thereof with equity, justice, and fairness.

Also speaking, Governor Peter Mbah, while commending security on the good job done so far in the state, said his administration supported the EFCC towards the rebuilding of a befitting zonal office in Enugu to strengthen the war against corruption and insecurity.

“We hereby enjoin the security agencies and EFCC to sustain their good work to ensure that Enugu State and Nigeria as a whole are finally able to consign the memories of insecurity to distant history.

“The opening of this office reconfirms our commitment as a nation to sustain the war against corruption. This commitment is well founded in view of the many proven negative effects corruption has on economic development.

“With this in mind, considering the objective of this administration to make Enugu one of the top 3 states in Nigeria in terms of GDP and achieve a zero percent rate in the poverty head count, it is clear that corruption has to be brought down to a barest minimum within the State,” he stated.

On his part, Ola Olukoyede, EFCC Chairman, charged his men to raise the ante, utilising the facilities and resources at their disposal in the war against corruption to redeem the nation’s image.

“With this facility, I want to assure His Excellency and indeed all citizens of Enugu State and the entire South East region that fraudsters have no place in any part of the zone.

“To whom much is given is given, much is also expected. I require every staff to be doubly committed to the mandate of the Commission for the South East to feel the greater impact of the EFCC in our development”, he said.